After marking a multi-week low at $38,000, bitcoin went on the offensive and reclaimed $40,000. The altcoins are also well in the green today, with Dogecoin stealing the show following a 33% surge after the Elon Musk-Twitter news.

Bitcoin Reclaims $40K

The bears held almost total control of the market over the past few days. It all started on April 21 when the asset was rejected at $43,000 after a few days of price increases.

In a matter of hours, the cryptocurrency dumped to $40,000 and even below that level on the following day. The situation worsened yesterday when BTC slumped to just over $38,000. This was the lowest price it had been since mid-March.

But, the bulls intervened and reversed the asset’s downward trajectory. Instead of heading further south, BTC started adding value fast and spiked above $40,000, where it’s currently situated. Consequently, bitcoin’s market cap has jumped to about $775 billion.

This came amid positive adoption news that Fidelity will allow investors to add BTC to their 401K accounts.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Dogecoin leads the Alts’ Rally

Although altcoins were just as bad as BTC yesterday’s, the current landscape is more bullish.

Ethereum found itself trading at $2,800 after several days of consecutive price dumps. Now, though, a 7% increase has pushed the second-largest cryptocurrency to just above $3,000.

Binance Coin and Solana were also beneath round-numbered milestones, but BNB now sits above $400, and SOL is north of $100.

Terra is just shy of $100 after an 8% daily increase. Ripple and Polkadot, Avalanche and Shiba Iu all show more gains.

Dogecoin is the best performer here, with a massive 33% surge. This came amid the confirmation that Elon Musk had indeed purchased Twitter, and given his favorable approach towards the first-ever memecoin, the price surge is not that big of a surprise.

Overall, the crypto market cap is up by over $100 billion in a day and sits close to $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.