Altcoins hit new highs after bulls kick Bitcoin price back above $50K
Cryptocurrency market breathed a sigh of relief on April 26 as the price of Bitcoin (BTC) was recovered along with the altcoins.
After going to low near $47,000 on Sunday evening, Bitcoin came back above the $50,000 support level in the early trading hours on the next day and climbed to $53,500 by mid-day.
The market pullback last week did little to slow down the mainstream adoption of cryptocurrencies as stories like NFL draft prospect Trevor Lawrence signing an endorsement deal with crypto portfolio-tracking platform Blockfolio and hotels in Nigeria announcing plans to accept Bitcoin as payment.
Bitcoin’s struggles over the past week allowed the altcoin market to gain market dominance as the number of coins breaking out to new all-time highs and trading volume on decentralized exchanges on the uptrend.
The Ethereum-based DeFi lending platform Compound (COMP) spiked 17% overnight and reached a new record high at $671 while the layer-2 solution Polygon (MATIC) surged 68% to a new all-time high of $0.576.
The Solana-based decentralized exchange Serum has seen its native token SRM price reach a new high at $11.47 due to the increased activity on the Solana (SOL) blockchain network. Solana price has gained over 120% in the past week and reached a new high of $48.46 on April 25 as its ecosystem continues to expand widely and new projects launched on this layer-1 Ethereum competitor.
The overall cryptocurrency market cap now stands at $2.082 trillion with Bitcoin’s dominance rate is 49.5% and Ethereum’s 14.3%.