Thursday, December 8, 2022

BTC Reclaimed $40K As DOGE Surges 33% On Musk-Twitter News

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BTC reclaimed $40K as DOGE surged on the news that Elon Musk bought Twitter, making the market go green today again so let’s have a closer look at our altcoin news.

BTC reclaimed $40K after a 5% daily increase and after making a low of $38,000, BTC went on the offensive and hit $40K once again. The altcoins are in the green today with DOGE stealing the spotlight after a 33% surge that was sparked by Elon Musk’s purchase of Twitter. The bears had complete control over the market in the past few days and it all started in April when the asset was rejected at $43,000 after a few days of price swings.

btcusd
BTCUSD. Source TradingView

The cryptocurrency dumped to $40,000 in a matter of hours and even below this level on the following days. The situation got worse when BTC crashed to just over $38,000 which was its lowest price tag since mid-March. This is where the bulls stepped up and reversed the trajectory instead of heading further south so BTC started adding more value and surged above $40,000 where it is now situated. Bitcoin’s market cap jumped to $775 billion and this came amid the positive adoption news that Fidelity allows investors to add BTC to their 401K accounts.

The altcoins suffered just as badly but the landscape changed today. Ethereum started trading at $2800 after a few days of price dumps but now a 7% increase pushed the second biggest crypto to above $3000. binance Coin and Solana also made some smaller milestones but BNB sits above $400 and SOL north of $100. Terra is below $100 after an 8% daily increase with more gains being evident from Cardano, Ripple, SHIB, Avax, and DOT. Dogecoin is the best performer today with a 33% surge which came on the confirmation that Elon Musk purchased Twitter. Overall, the crypto market cap is over $100 billion in one day and sits close to $1.9 trillion.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As earlier reported, Dogecoin’s price is prone to react to Musk’s accomplishments and DOGE-related proclamations on Twitter. His memes were much more responsible for pushing DOGE to a third place market cap among all cryptocurrencies when it hit a new price high of $0.73. Musk took over the social media platform and this spurred excitement across the crypto community including the one from Billy Markus who jokingly asked if Elon Musk can buy the SEC now, calling out the regulator for being slow to approve a spot market BTC ETF.

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