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Bitcoin Pushes $35K, Solana (SOL) Resumes Bull Rally: Market Watch

Bitcoin Pushes $35K, Solana (SOL) Resumes Bull Rally: Market Watch

The market appears to be recovering from yesterday’s correction, with most cryptocurrencies experiencing a withdrawal after a significant increase. Bitcoin’s price is currently charging at $35K, while some of the altcoins are gaining momentum. Let’s take a closer look.

Bitcoin’s Price Attempts to Reach $35K

Bitcoin’s price has been on an upward trajectory over the past 24 hours, reaching $35K in an effort to recover this important level. At the time of writing, the cryptocurrency is trading at $34,800, representing a 1.6% increase for the day, as reported by CoinGecko.

Source: CoinGecko

The market has remained relatively calm during the day, with a total of $72 million worth of liquidated long and short positions over the last 24 hours. Of these, 77% were shorts, indicating that the bulls currently have the upper hand.

Solana (SOL) Leads Major Altcoins in Recovery

In addition to Bitcoin, altcoins are also experiencing gains. In fact, Bitcoin’s dominance has declined to around 50.4% over the past 24 hours, indicating that altcoins have outperformed it during this period.

Screenshot 2023-11-04 at 11.49.18
Source: Quantify Crypto

Solana continues its rally, surging by 10% during the day. It has reclaimed the $40 level and is pushing even higher.

Many altcoins are experiencing significant gains of over 2%. It will be interesting to see if this rally continues into the week or if it is just a weekend pump.