Bitcoin Cash Jumps 8% Daily, Bitcoin Challenges $31K Again (Market Watch)

After dipping to just over $30,000, bitcoin has reacted well and has spiked toward the coveted $31,000 line once more.

Most larger-cap altcoins are slightly in the red on a daily scale, aside from SOL and BCH, both of which have neared round-numbered milestones as well.

BTC to Challenge $31K Again

Last Friday turned out to be a highly unfavorable day for the BTC bulls as the asset slumped by $1,500 in minutes after the SEC issued a warning against the most recent filings for a spot Bitcoin ETF.

However, the cryptocurrency reacted well and recovered almost all losses by the time Saturday arrived. As it happens frequently during the weekends, this one was relatively calm, with BTC standing mostly at around $30,500.

Monday didn’t bring any more price fluctuations either, but the landscape changed on early Tuesday when BTC pushed to $31,400. However, it failed there, and the subsequent rejection drove it south to $30,200 on Wednesday.

Nevertheless, the bulls seem to be back in charge now as they stopped bitcoin’s freefall and initiated another leg-up that has helped it touch $31,000 as of now.

As such, the asset’s market cap has reclaimed $600 billion once again, and its dominance over the alts has taken a breather and is close to 50%.

BTCUSD. Source: TradingView## BCH on a Roll

While BTC is trying its hand at taking down $31,000, several of the larger-cap alts are sitting quietly, mostly in the red. These include Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, Polkadot, Polygon, and Shiba Inu, as all of them are down by up to 2% in a day.

Solana, on the other hand, has jumped by 3% and has neared $20. Bitcoin Cash has soared by 8% and sits close to $300. Recall that BCH tapped a 14-month high last week at over $320.

eCash has also been on a roll lately, having surged 18% in a day and over 60% in the past week.

In total, the crypto market cap has added just over $10 billion in a day and has gone back above $1.210 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto