On October 3, the bulls made their intentions clear by briefly pushing Bitcoin (BTC) price above the $49,000 level, a move that prompted many traders on Crypto Twitter to call the top-ranked digital asset to knock down psychological resistance at $50,000.
Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range with an upper boundary near $48,200 for several days, the bulls managed to break higher and climb to an intraday high at $49,242, capping a 20% rally since trading at a low of $40,890 on Sept. 29.
The weekend gains for Bitcoin follow a rollercoaster week that began with struggling markets after further crackdowns in China weighed on market sentiment. By the end of the week, positive news had come in from US Federal Reserve Chairman Jerome Powell, who confirmed that the Fed had no intention to ban cryptocurrencies.
BTC’s bullish move rippled through markets and helped push altcoin prices higher, with several coins in the top 200 making double-digit gains.
Terra (LUNA) saw its price crash before the rest of the market and climbed 23.34% from its low of $37.52 on October 2 to reach a new all-time high at $46.09 at small morning hours on October 3. Secret Network (SCRT) also rebounded to gain 20.3% and hit a daily high of $3.07.
Other notable increases include a 13% gain for Shiba Inu (SHIB) and a 12.4% increase for Tezos (XTZ) and Axie Infinity (AXS).
The overall cryptocurrency market capitalization now stands at $2.161 trillion, and Bitcoin’s dominance rate is 41.4%.
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