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 (CRYPTO: BTC) traded 1.38% higher at $46,703.66 over 24 hours. For the week, the apex coin is down 4.14%.
Ethereum (CRYPTO: ETH) traded 0.68% higher at $3,509.78 over 24 hours and is down 6.2% over a seven-day period.
See Also: How To Buy Ethereum (ETH)
Dogecoin (CRYPTO: DOGE) traded 1.58% higher over 24 hours at $0.257. Over a seven-day period, DOGE is down 11.3%.
Solana (CRYPTO: SOL), 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 (CRYPTO: XTZ), 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 (CRYPTO: MINA), Harmony (CRYPTO: ONE), and Cosmos (CRYPTO: ATOM).
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.
“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.
Expecting new highs. pic.twitter.com/6vsqyIink0
— Michaël van de Poppe (@CryptoMichNL) September 9, 2021
Van de Poppe said the same day that Cardano (CRYPTO: ADA) was ready for $5 levels. ADA traded 5.41% higher at $2.53 over 24 hours.