Bitcoin Surges Past $63,000 as Altcoins Join the Rally
Bitcoin’s price surge that began over the weekend has continued into the early hours of Monday morning, with the asset surpassing the $63,000 mark for the first time in more than two weeks. This positive momentum has also translated into gains for altcoins, leading to the total crypto market cap reclaiming the $2.4 trillion level.
Bitcoin Hits 2-Week High
The leading cryptocurrency experienced a significant drop in price at the start of July, plunging to a three-month low of less than $54,000. This downward trend was possibly influenced by the German government’s sale of confiscated BTC and the ongoing Mt. Gox distribution and potential sale.
- The bulls stepped in last week, halting any further declines and pushing BTC back up to around $58,000 by the end of the week.
- Speculations around an attempted assassination of pro-crypto US Presidential candidate, Donald Trump, on the weekend likely fueled a resurgence in bitcoin’s price.
- On Sunday, BTC surged from $58,500 to $60,000 before hitting a high of over $63,000, its highest level since July 1st.
- The market cap of BTC now stands at over $1.240 trillion, maintaining its dominance over other altcoins at more than 51% on CG.
Altcoins Follow BTC’s Lead
Following Bitcoin’s upward trend, most altcoins have seen significant gains. Ethereum, the second-largest cryptocurrency, has surged 5% in the past day, reaching a multi-week high of $3,365. Other altcoins have also posted impressive gains:
- Binance Coin has gained 4% and is now trading above $560.
- Solana and Chainlink have both surged by more than 5%, reaching $153 and $14, respectively.
- DOGE, AVAX, SHIB, DOT, and NEAR have all seen increases of around 3-4%.
- Notable gains also come from MOG (18%), STX (13%), VET (10%), and JASMY (10%).
- The total crypto market cap has risen to $2.420 trillion on CG, marking a $100 billion increase since Saturday and over $200 billion in just four days.
The Upward Trajectory Continues
Bitcoin’s resurgence and the subsequent rally in altcoins indicate a positive sentiment in the crypto market. The recent price movements reaffirm the resilience and potential of cryptocurrencies, attracting both traders and investors looking to capitalize on the ongoing bull run.
Hot Take: Opportunities Abound in the Crypto Market
As the crypto market continues its upward trajectory, there are ample opportunities for investors to benefit from the current momentum. Whether you’re looking to diversify your portfolio or capitalize on the potential gains offered by altcoins, now could be the ideal time to position yourself strategically in the market.