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Reduced probability of regulatory crackdown on cryptocurrency led to Bitcoin’s surge to $49,000 level. The bullish sentiment prevailed from Bitcoin to other altcoins such as LUNA, SCRT, AXS, SHIB with double digit gains.
Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range with an upper limit near $48,200 for several days, 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 come following a rollercoaster week that began with the markets struggling for momentum after a renewed regulatory crackdowns in China weighed on the market's sentiment. By the end of the week, some positive news came from Federal Reserve chair Jerome Powell who confirmed that the Fed has no intention of banning cryptocurrencies.
The bullish move from BTC rippled across the markets and helped lift altcoin prices, with multiple coins in the top-200 realizing double-digit gains.
Terra (LUNA) saw its price breakout ahead of the rest of the market and climbed 23.34% from its low of $37.52 on Oct. 2 to reach a new all-time high at $46.09 in the early morning hours on Oct. 3. Secret Network (SCRT) also rallied to gain 20.3% and hit a daily high at $3.07.
Other notable increases include a 13% gain for Shiba Inu (SHIB) and a12.4% surge in Tezos (XTX) and Axie Infinity (AXS) price. The overall cryptocurrency market cap now stands at $2.161 trillion and Bitcoin’s dominance rate is 41.4%.
(Article Courtesy of CoinTelegraph)