Bitcoin has once again demonstrated its bullish momentum in the past 24 hours, as its price soared above $48,000, reaching a new monthly high. This remarkable surge has been accompanied by positive movements in the altcoin market, with Ethereum (ETH) surpassing the $2,500 mark and Solana (SOL) surging to $110.
The past week has witnessed significant fluctuations in the cryptocurrency market, especially for Bitcoin. Following a recovery from recent declines, the price of BTC stood at around $43,000. However, the subsequent days were relatively uneventful, with Bitcoin maintaining this level with only a few minor fluctuations.
The situation began to change on Wednesday evening, and more notably on Thursday morning, when Bitcoin broke above its tight trading range and surged to $45,000. The momentum continued on Friday, as Bitcoin experienced substantial gains, surpassing $46,000, $47,000, and briefly touching $48,000. In fact, Bitcoin reached a new monthly high of $48,200. Despite a slight correction since then, the cryptocurrency still maintains a 2% gain for the day.
Bitcoin’s impressive rally has propelled its market capitalization to a staggering $930 billion, solidifying its dominance in the market at 52%. This surge has generated an overall positive landscape for altcoins as well.
The surge in Bitcoin’s price has been accompanied by significant gains across various altcoins. Ethereum has added another 2% to its value in the past 24 hours, reaching just above the $2,500 mark. Solana also experienced a 3.5% daily surge, hitting $110. Additionally, Binance Coin, Ripple, Tron, Dogecoin, Polkadot, Chainlink, and Polygon have recorded minor gains of around 1%.
Among the larger-cap altcoins, Avalanche (AVAX) has seen the most substantial growth, surging by almost 9% and now standing close to $40. Furthermore, mid-cap altcoins such as IMX (13%), KAS (7%), and TAO (9%) have also witnessed noteworthy gains.
Collectively, the cryptocurrency market has experienced a surge of $30 billion overnight, reaching a total market cap of close to $1.8 trillion according to CoinMarketCap. This significant increase further reinforces the overall positive sentiment in the market.
The past week has been a whirlwind of price movements in the cryptocurrency market, with Bitcoin reclaiming its bullish momentum and surpassing the $48,000 mark. This surge has not only propelled Bitcoin’s market capitalization but has also paved the way for altcoins to experience notable gains. As the total market cap of the crypto market continues to rise, it is evident that the excitement and optimism surrounding cryptocurrencies persist.
Leave a Reply