Bitcoin saw a great few days following the B Word event where Elon Musk, Jack Dorsey, and Cathie Wood spoke quite fondly of it. It’s up 15% in five days, and it appears to be preparing for a test of $34K.
Bitcoin Price Gaining 15% In a Few Days
This was a very turbulent week for bitcoin’s price, which didn’t seem like it was off to a good start a few days ago.
In fact, on Tuesday, the price plummeted down to around $29,200, causing nothing but fear and panic in the market. Fortunately, it didn’t take much for the price to reverse.
On Wednesday, the highly-anticipated B Word event took place, and it saw Elon Musk, Jack Dorsey, and Cathie Wood discuss bitcoin. All of them spoke fondly of the asset. Musk revealed that he owns BTC, ETH, and some DOGE, while also saying that Tesla would resume accepting it at some point.
This catalyzed a recovery rally, which is now taking the price of bitcoin towards $34K. At the time of this writing, BTC is trading at $33,700, up more than 15% from Tuesday’s lows.
Altcoins Also Capitalize
In the past 24 hours alone, quite a few altcoins managed to paint some meaningful gains. Ethereum, for example, is up about 3.5% on the daily, convincingly overtaking $2,000. ADA is also up about 2.5%, while Ripple’s XRP is up 2.14%.
In total, over the past five days, altcoins managed to claim some further market share as Bitcoin’s dominance – the measure of its share relative to that of the entire market, declined by about 1%.
In general, this is how the market looks like over the past 24 hours:
It’s a sea of green today, and it’s interesting to see if this will continue throughout the rest of the weekend. Meanwhile, some specific altcoins continue to paint highs after highs. Case in point – Axie Infinity’s AXS token managed to score a new ATH yesterday above $47 and is still over 30% up on the day.