Bitcoin Recovers Lost Momentum, Dogecoin Moves Up, But The 'Real Altcoin Party' Begins When Ethereum Breaks Over $4,000

Bitcoin BTC/USD led the major cryptocurrencies in terms of 24-hour gains as the global cryptocurrency market cap rose 2.41% to $2.37 trillion at press time late Wednesday.

What Happened: The apex coin rose 3.35% to $58,199.23 over 24 hours. For the week, BTC has risen 6.36%.

Ethereum ETH/USD was up 2.88% at $3,622.38 over 24 hours. Over a seven-day period, the second-largest cryptocurrency has appreciated 2.49%.

Shiba Inu-themed Dogecoin DOGE/USD gained 3.2% to $0.24; for the week, it has fallen 4.05%.

Telcoin was the top 24-hour gainer at press time. As per CoinMarketCap data, the coin shot up 18.62% to $0.02088. Over a seven-day period, TEL has risen 19.18%.

TEL gained 14.89% and 15.21% against BTC and ETH, respectively.

Another notable gainer was Polkadot, which rose 14.61% over 24 hours to $40.75. For the week, DOT appreciated 31.18%.

See Also: How To Buy Polkadot (DOT)

Why It Matters: Bitcoin charted a recovery on Wednesday after touching an intraday low of $54,370.97.

Ki Young Ju, CEO of analytics platform CryptoQuant, said on Twitter that despite a ban on BTC and other cryptocurrencies by China “miners including those who were in China are holding $BTC in mining wallets.”

Ki noted that there was no “significant miner outflow” compared with earlier this year.

$BTC miners are on the bull side now.

Despite China's Crypto Ban, miners including those who were in China are holding $BTC in mining wallets.

There's no significant miner outflow compared to early this year, and hashrate recovers from US miners.https://t.co/6JwXJN9izW pic.twitter.com/Ilhb2EJBA0
— Ki Young Ju 주기영 (@ki_young_ju) October 13, 2021

On the altcoin side, analyst Michaël van de Poppe noted that DOT was on fire. The coin was observed as trending among retail investors at press time.