Bitcoin, Dogecoin, Ethereum Chart Recovery, While Analyst Sees Cardano Ready For $5

Major coins traded in the green on Thursday night as the global cryptocurrency market cap rose 1.47% to $2.13 trillion.

What Happened: Bitcoin BTC/USD traded 1.38% higher at $46,703.66 over 24 hours. For the week, the apex coin  is down 4.14%.

Ethereum ETH/USD traded 0.68% higher at $3,509.78 over 24 hours and is down 6.2% over a seven-day period.

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Dogecoin DOGE/USD traded 1.58% higher over 24 hours at $0.257. Over a seven-day period, DOGE is down 11.3%. 

Solana SOL/USD, on a tear recently, traded 9.45% lower at $189.82 over 24 hours and is up 44.3% for the week.

The top gainer over 24 hours was Tezoz XTZ/USD, which shot up 46.8% to $6.16 over 24 hours and has risen 22.9% over seven days, according to CoinMarketCap data.

Token of the smart contracts-based blockchain XTZ gained 45.46% and 48.12% against BTC and ETH respectively over 24 hours.

Other notable gainers over 24 hours included Mina MINA/USD, Harmony ONE/USD, and Cosmos ATOM/USD. 

MINA soared 45.04% to $5.69, ONE was up 41.46% to $0.20, and ATOM gained 40.93% to $28.81 over the period. Notably, MINA hit an all-time high of $5.84 on Thursday night.

Why It Matters: Analysts expect Bitcoin’s upward momentum to resume and view the recent selling as a temporary retracement with buyers waiting to step in, reported CoinDesk.

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“Leverage longs are flushed with funding rates reset and expect bitcoin to continue trading in an upward channel,” wrote StackFunds, a cryptocurrency investment firm, as per CoinDesk.

Ulrik Lykke, executive director of hedge fund ARK 36 told CoinDesk that Bitcoin enjoyed seven back-to-back weeks of positive upward momentum which led to an “overheated backdrop.”

“We managed to scale a little off some positions, but I expect upward momentum to keep going.”

Meanwhile, cryptocurrency trader Michaël van de Poppe said Thursday on Twitter that he expects new highs on the ETH/BTC pair. 

Van de Poppe said the same day that Cardano ADA/USD was ready for $5 levels. ADA traded 5.41% higher at $2.53 over 24 hours.

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