The price of Bitcoin (BTC) has surged more than 10% over just a few hours earlier as of yesterday, with prices quickly surging from around $35,000 to tag just shy of $40,000 on July 26.
It has been reported that price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15% from around $34,000 to $39,800 over the course of few hours.
However, by contrast, BTC had taken the past five days to gain from around $30,000 to $34,000. As of July 26 (yesterday), Bitcoin changed hands for around $38,500. According to CoinMarketCap, Bitcoin is the top gainer for the past 48 hours among the top 30 crypto assets by capitalization, posting a gain of nearly 13%.
The report said that the sudden rally has seen numerous technical indicators return to offering bullish signals, popular analyst, Lark Davis, informing his 426,000 followers that BTC’s price is again trending above its 50-day moving average. Polkadot and Chainlink are also among the day’s top gainers, each having increased by more than 11% in the past 48 hours.
Likewise, with Dogecoin up less than 9% for the day, it would appear the impact of Elon Musk’s Twitter account on the meme-coin’s markets is beginning to wane, with Tesla’s CEO posting a meme asserting that “Dogecoin is money” on July 25.
Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the broader altcoin markets, with most large-cap crypto assets having posted high single-digit gains for the day. Despite next month’s fast-approaching London upgrades for Ethereum, Ether is also lagging behind the pack, posting a gain of roughly 7% for the past 48 hours.
Thus, ETH is the weakest-performing cryptocurrency ranked among the top 10 by capitalization for the past day.