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Over the past 24 hours, we saw the cryptocurrency market recovering from a mild correction that took place on early Monday morning. Bitcoin touched $50,000 for the first time, the total cryptocurrency market capitalization increased above $1.5 trillion, while Polkadot became the 4th biggest project by market cap, surpassing Cardano by an inch.
Bitcoin Price Taps $50K
For the first time in history, the primary cryptocurrency tapped the coveted mark of $50,000. This is a major milestone for Bitcoin’s price, which has now added 72% to its face value since the beginning of 2021 alone.
This happened after a few days of choppy price action. It appeared that BTC was ready to breach $50K on Sunday when it came less than $300 away from the target. However, it was during the Asian trading session that BTC went through a mild correction and dipped below $46K.
It was up only since then for the cryptocurrency, which took less than a day to recover and to tap the coveted $50,000 mark.
As CryptoPotato reported yesterday, the next targets above lie at $50,400 and $51,400. In any case, this would also mean that BTC is in price discovery, and serious volatility would be expected.
Altcoins Pop, DOT Becomes 4th Biggest Crypto
Meanwhile, Polkadot’s DOT token has officially become the 4th biggest cryptocurrency by means of total market capitalization, according to data from CoinGecko. The altcoin surpassed Cardano’s ADA and is now $3 billion behind Tether’s USDT stablecoin.
This comes as the total market cap surpassed $1.5 trillion as altcoins chart increases across the board.
As it can be seen in the above heatmap, it’s a sea of green today on the market. Almost every single cryptocurrency is in the green. Ethereum is trading above $1,800 for an increase of about 2.5%, DOT is up over 14%, whereas ADA is up 7.5%.
Litecoin bounced from $200 and is now on its way to $220 for an increase of slightly below 7%. XRP has been unable to capitalize on the recent leg up and is up just 0.55%.
As a matter of fact, the market has been so favorable that data from Coin Market Cap shows that the biggest loser in the past 24 hours is Voyager’s Token VGX, and it’s only down 1.2%.