Bitcoin Surged Over $3,000 in Hours Amid Musk & Dorsey’s Online Meetup (Market Watch)

1 week ago

Bitcoin’s price exploded by $3,000 in a day and reached a weekly high of $32,800 as Elon Musk and Jack Dorsey spoke about the industry.

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After dropping below $30,000 for the first time in a month, bitcoin initiated an impressive leg up that drove it to nearly $33,000. Most alternative coins are well in the green, too, with ETH reaching $2,000 and BNB tapping $300 earlier.

Bitcoin Adds $3K in a Day

The past several days weren’t going well for the primary cryptocurrency. The bears had complete control over the market and pushed the asset south. It culminated on July 20th when BTC broke below $30,000 for the first time in about a month.

It kept losing value and bottomed at $29,200 (on Bitstamp). However, the bulls stepped up at this point and reversed the trajectory. In a matter of hours, bitcoin reclaimed the coveted $30,000 level and started looking up again as anticipation for The B Word event was rising.

At that online meeting, Elon Musk joined Jack Dorsey and Cathie Wood to discuss bitcoin and the rest of the cryptocurrency space. Upon more bullish news coming from the CEO of Tesla and SpaceX, BTC pumped even more and reached $32,800, which became the highest price seen since July 15th.

As of now, the asset has retraced with a few hundred dollars but still stands above $32,000, and its market capitalization has reclaimed $600 billion.

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ETH Taps $2K as DOGE Eyes $0.20

The alternative coins have followed their leader north. Ethereum, which also received recognition from Musk as he admitted of owning portions of it, has spiked by more than 7% since then to above $2,000. Just a few days ago, the second-largest crypto dumped as low as $1,720.

Binance Coin is also well in the green, and a 6% surge has driven it to just shy of $300. Cardano (5.5%), Ripple (7%), Polkadot (8%), Uniswap (8%), Bitcoin Cash (6%), Litecoin (6%), and Solana (8%) have charted impressive gains as well.

However, Dogecoin is the most impressive performer from the top 10, with a 9% increase to nearly $0.20. This came as Musk, somewhat expectedly, said he owns portions of the meme coin.

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Axie Infinity has jumped the most in a day from the top 100 with a 40% surge to $24. Flow (32%), Telcoin (24%), Stacks (24%), Polygon (18%), THORChain (18%), OKB (18%), Stellar (16%), and SushiSwap (15%) are just a few more reps of the double-digit price pump club.

Ultimately, the cumulative market capitalization has added $70 billion in a day and $140 billion in two days and is above $1.3 trillion now.

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