Market Watch: Bitcoin Reclaims $58K As Stimulus Passes, Cardano 4% From ATH

Bitcoin successfully reclaimed the $58K mark while Cardano (ADA) trades around 4% below its all-time high.

After a few consecutive days of freefalls, bitcoin has added over $4,000 of value and even neared $60,000 once more. The altcoin field has also followed its leader with impressive gains, and the total market cap has reclaimed $1.8 trillion.

Bitcoin Eyes $60K

Since the bullish developments during the weekend when BTC peaked at $61,800, the asset was on a downturn that led to a near $9,000 price drop. Although it bounced off relatively quickly from the $53,200 bottom on Tuesday, bitcoin still failed to display any significant gains and stood beneath $55,000 yesterday.

However, the situation has changed somewhat dramatically since then. Reports emerged that Morgan Stanley will enable its institutional clients to purchase BTC through three funds, and the US Federal Reserve hinted that interest rates will continue to be near-zero. Meanwhile, the new stimulus package is also agreed upon.

The primary cryptocurrency reacted with an impressive leg up that drove it upwards with over $4,000 to an intraday high of $59,500.

Although BTC has retraced slightly since then to just north of $58,000, the cryptocurrency is still about 4.5% up on a 24-hour scale.

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BTCUSD. Source: TradingView

Altcoins in the Green; ADA Touches $1.4

The altcoin market, which also suffered in the post-weekend market crash, is well in the green in the past 24 hours. Ethereum leads the pack by reclaiming $1,800 after a 2% increase.

Binance Coin has added 7% of value and has surged above $270 once more. Chainlink has jumped by 6% since yesterday to roughly $30 following news that the leading crypto asset manager, Grayscale, has established a LINK Trust.

Cardano continues to be the most impressive performer from the top ten with a 10% increase to $1.4. Just a few days ago, Coinbase Pro said that ADA will be available for trading on its platform starting today – March 18th.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Kyber Network (33%), Filecoin (27%), Decentraland (22%), Basic Attention Token (20%), Zilliqa (17%), Chiliz (16%), and Hedera Hashgraph (15%).

Ultimately, the cumulative market capitalization of all crypto assets has surged back above $1.8 trillion. This means that it has expanded by over $150 billion since the most significant dip on Tuesday.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap
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