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Bitcoin Price Holds at $4800 as Altcoins Plot Recovery

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The bitcoin price held above $4,800 on Tuesday, bringing it one step closer to reaching $5,000 and setting a new all-time high. The ethereum price declined for the day, but it managed to recover above $300 after a mid-day dip. Meanwhile, the altcoin markets began to plot their recovery after losing significant ground to bitcoin during yesterday’s trading.

Chart from CoinMarketCap

Altogether, the markets added about $2.7 billion, with bitcoin accounting for virtually all of that advance. After beginning the day at $150.8 billion, the total cryptocurrency market cap has risen to a present value of $153.5 billion. However, what this figure masks is that when you take bitcoin out of the equation, the markets actually lost about $1.1 billion, which is why bitcoin has been able to raise its dominant market share to 52.2% of the total crypto market cap.

Chart from CoinMarketCap

Bitcoin Price Targets $5,000

The bitcoin price appears poised to make its second run at $5,000, and perhaps this time it will sustain the advance. When the day began, bitcoin was already on an incline, having broken through the $4,500 barrier the day before. Once $4,500 was in its rear-view mirror, the bitcoin price began to scale the charts with ease, eventually extending as high as $4,878 on Monday evening. The bitcoin price has thus far been unable to break past a global average of $4,900 — although it climbed to $5,000 on Bithumb — and is currently trading at $4,820. This represents a single-day advance of 5% and gives bitcoin a market cap of $80.1 billion.

Bitcoin Price Chart from CoinMarketCap

Ethereum Price Claws Back to $300

Like most cryptocurrencies, ethereum plunged on Monday as traders and investors began to consolidate their holdings into bitcoin. However, the ethereum price led the altcoin markets to a bit of a...

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