Bitcoin Defends $26K Following MicroStrategy’s Latest BTC Purchase (Market Watch)

Bitcoin briefly dipped below $26,000 yesterday but quickly recovered the losses after news broke about MicroStrategy’s latest BTC purchase.

Most altcoins are with minor gains today, with XRP retapping $0.5 after a 2% daily increase.

BTC Maintains $26K

Last week was more favorable for the BTC bulls as the asset had jumped to a 20-day high at $27,500 on Tuesday. It even managed to remain close to that level on Wednesday but started losing value rapidly at the end of the business week, especially after the US Fed’s latest FOMC meeting.

That resulted in a price drop to $26,400. The weekend was less volatile, as expected, with BTC remaining stuck at around $26,600. Monday, though, started on a negative note as the bears took the cryptocurrency on a ride south to a 12-day low at just under $26,000.

At that point, though, MicroStrategy announced its latest BTC accumulation worth almost $150 million. The cryptocurrency reacted well to the news, jumping by several hundred dollars.

Although it has failed to maintain its run, bitcoin still stands well above $26,000. Its market cap has reclaimed the $510 billion line, and its dominance over the alts stands still at 48.9% on CMC.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

MKR Takes the Spotlight

Most altcoins charted minor losses yesterday, but the landscape today is quite different. Ethereum, Cardano, Binance Coin, Dogecoin, Tron, Polygon, and LEO are all in the green, albeit in a modest fashion.

Ripple has added 2% of value and has climbed to $0.5. More gains come from the likes of Bitcoin Cash (3.6%) and Chainlink (3%).

The most notable gainer out of the top 100 is MakerDAO’s native token. MKR is up by more than 5% and sits close to $1,350.

The total crypto market cap has remained relatively still at around $1.050 trillion.

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

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Cryptocurrency charts by TradingView.

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