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.— Ki Young Ju 주기영 (@ki_young_ju) October 13, 2021
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
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.
Van de Poppe tweeted that the “real altcoin party begins when [ETH] breaks above $4,000.”
Meanwhile, DOGE-focused YouTuber Matt Wallace said altcoins are “starting to trend.”
#altcoins is starting to trend. Dogecoin is currently by far the most underrated Altcoin!— Matt Wallace (@MattWallace888) October 12, 2021
Notably, it is not yet altcoin season, as per Blockchaincenter.net.
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