Business - Market Data
Updated: April 26, 2021

Bitcoin Jumps To Pare 5 day Losses As Crypto Markets Roar Back

By Oluwatosin Ogunjuyigbe
April 26, 2021
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The cryptocurrency markets sprung into the green zone on Monday morning as investors shrugged off fears of a possible bear market.

Bitcoin jumped as much as 8 percent on Monday to $53,519 as of report time and was on course to snap five straight days of losses, though the bellwether cryptocurrency has slumped almost a fifth from its all-time high hit earlier this month. The token's market cap reached $1 trillion once again after it previously nosedived to $850 billion.

Other major coins such as Ethereum and Ripple's XRP, which tend to move in tandem with bitcoin, were up around 10 percent and 16 percent respectively according to data from coinmarketcap.com at press time.

Cryptocurrencies fell sharply on Friday on concern that U.S. President Joe Biden's plan to raise capital gains taxes would curb investments in digital assets, though they later recovered some of their losses.

The global cryptocurrency market cap surged back to $2 trillion after it plunged to $1.75 trillion last weekend, causing massive liquidations of leveraged traders.

Meme-based token Dogecoin, however, was unable to keep up as it is the only major cryptocurrency that is still down from its 24-hour open today at 26 cents.