Bitcoin jumped 40 percent in one day

Bitcoin (BTC) surged to $ 42k on May 20, and altcoins also joined this record rise.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: TradingView

BTC returns to February levels

BTC/USD bounced back to February’s record highs on Thursday, according to data from Cointelegraph Markets Pro and TradingView.

Bitcoin has fluctuated significantly in the past 24 hours, and after declining to $ 30,000, the translation broadcast clock returned to the transaction price of $ 42,000.

BTC/USD thus gained 40 percent in just one day.

Versus the local lows, BTC/USD gained an unparalleled 40% in less than 24 hours.

Mentioning that the Crypto Fear & Ambition Index is at a point similar to March 2020, when the crypto market collapsed, investor Rekt Capital said, “The most glorious rallies occur when the sentiment in the market is at the extremes.” he summed up.

Cardano leads the altcoin rally

The altcoin market followed Bitcoin as well, with Cardano (ADA) up 70 percent and Dogecoin (DOGE) up 55 percent.

A familiar name, Elon Musk, lies behind the Dogecoin rally. In his post he shared on Thursday, Musk gave clues about his plan to move DOGE for $ 1.

Ether (ETH), which fell below $ 2,000 the previous day, also gained 40 percent.

The total value of the cryptocurrency market, a 1-hour candlestick chart. Source: TradingView

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