Bitcoin Surges Above $27K After Initial Setback
Bitcoin made a strong recovery after failing to reclaim the $27,000 level yesterday. Despite the setback, the bulls persisted and pushed the asset to a 9-day high above that line earlier today.
BTC’s Recent Price Action
Last week, the primary cryptocurrency traded at $27,500 but retraced following the latest US Federal Reserve FOMC meeting. It then hovered around $26,600 until Monday morning when it slipped to just under $26,000. After reaching a 12-day low, Bitcoin bounced back and reached $26,800 on Wednesday. However, it failed to sustain its upward momentum and dropped below $26,200. The bulls made another attempt yesterday, which initially halted. However, their persistence paid off as Bitcoin climbed to a multi-day peak of $27,250 on Bitstamp.
Altcoins Follow Bitcoin’s Lead
Most altcoins have also seen positive movement in tandem with Bitcoin. Ethereum (ETH) experienced a 4% increase and Solana (SOL) soared by approximately 6%. Other larger-cap altcoins such as Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Polkadot (DOT), Cardano (ADA), Tron (TRX), Polygon (MATIC), and Litecoin (LTC) have all recorded gains ranging from 2% to 5.5%. Additionally, several other altcoins including COMP, APE, Aave, PEPE, ARB, and more have seen significant surges today.
Total Crypto Market Cap Rises
The total cryptocurrency market cap has increased by 2.5% in a day, adding $30 billion to surpass $1.080 trillion.
Hot Take: Bitcoin Leads Crypto Market Surge
The recent surge in Bitcoin’s price above $27,000 has had a positive impact on the overall cryptocurrency market. Altcoins have also seen gains, following Bitcoin’s lead and contributing to the increase in the total crypto market cap. This upward movement indicates renewed bullish sentiment in the market as Bitcoin continues to show strength and dominance over the alts.
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