Altcoins rise after Bitcoin price hits above $50k

After falling sharply to new lows again since the beginning of March, Bitcoin rebounded and increased its value by $6,000. Most altcoins have reacted better and have achieved sizable double-digit gains.  Ethereum price is close to US$2500, and BNB is nearly US$550.

In the past few days, the major cryptocurrencies have performed poorly. Friday was particularly bloody for Bitcoin because it fell from $55,000 to around $47,500 in a few hours.

As Bitcoin prices rebounded sharply, cryptocurrency investors breathed a sigh of relief on April 26. The bulls control Bitcoin at this point and push Bitcoin higher. In just a few hours, the asset eventually exceeded $50,000 and then reached around $53,000.

On-Chain analysis of Bitcoin price movement

Glassnode’s data shows the on-chain transfer volume and average transaction fees of the Bitcoin network hit a record-high last week.

Glassdone analyzed the Spent Output age bands data. It shows how long Bitcoin has been in a wallet. It also indicates that new token holders have been eliminated due to the recent decline. Also, wallets that have been holding more than one month see trading activity declined.

The data also shows that spending on wallets held for more than six months has not increased significantly.

According to Glassnode data, observing the accumulation of miners can reveal further bullishness, which is the highest level since mid-2018.

Overall, the analysis shows that last week’s correction shocked novices in the market. Experienced cryptocurrency traders are happy to accumulate BTC from those who are worried about further price declines.

Altcoins hit new highs and stay deep in green

Over the past week or so, the losses incurred by alternative coins have been as severe as Bitcoin. However, as some impressive prices have soared, they have also begun to recover.

ETH plunged below US$2,300 yesterday. However, double-digit growth brought the second-largest cryptocurrency to almost US$2,500.

Binance Coin dropped below $500 and stayed in the position for a while. However, BNB has soared by more than 12% in the past 24 hours and is currently around $550.

Ripple (11%), Cardano (9%), Polkadot (12%), Uniswap (20%), Litecoin (8%) and Chainlink (11%) are also very good. Dogecoin is the only exception today, with a slight drop, but the meme coin performed well during the crash.

Overall, the total market value of cryptocurrencies is 2.004 trillion US dollars, and Bitcoin’s dominance rate is 50.3%.