Altcoins hit new highs after bulls kick Bitcoin price back above $50K
April 26, 2021. Summarized by summa-bot.
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A quick short squeeze catapulted Bitcoin price above $53,000 and a handful of altcoins rallied to new all-time highs.
Data from Cointelegraph Markets and TradingView shows that after bouncing off a low near $47,000 on Sunday evening, Bitcoin roared back above the $50,000 support level in the early trading hours on Monday and climbed above $53,500 by mid-day while Ether (ETH) reclaimed $2,500.
Data from Glassnode shows that on-chain transfer volume and the average transaction fees for the Bitcoin network hit new all-time highs in the previous week as the network continues to recover from mempool congestion due to the drop in hashrate that occurred as the result of a power outage in China.
Overall, analysis shows that it was the newer hands in the market that were shaken out by last week's correction, while the more experienced crypto traders were happy to accumulate BTC from those worried about a further price drop.
Bitcoin’s struggles over the past week have allowed altcoins to step forward and gain market share with a number of coins breaking out to new all-time highs and trading volume on decentralized exchanges on the uptrend.