BTC Surges to 7-Week High
In contrast to last week’s sharp decline, Bitcoin (BTC) has made a strong comeback and reached a nearly 7-week high of $28,500. This bullish momentum has also extended to altcoins like Solana, Cardano, OP, and MATIC, which have experienced notable gains.
BTC Rebounds After Dip
Last week, BTC faced a significant drop of over $500, falling below $26,000 for the first time in two weeks. However, the bulls quickly intervened and prevented further declines. BTC began recovering and even surged towards $27,000 mid-week. Although it faced initial resistance at this level, it rallied once again a few days later and surpassed the resistance.
Breakout to $28,500
Despite encountering resistance, BTC managed to hold its ground around $27,000 over the weekend. As the Asian trading session commenced on Monday morning, the asset broke out of the resistance and surged to $28,500 on Bitstamp – its highest level since August 17. Although it has slightly decreased since then, BTC continues to trade above $28,000 with a market capitalization above $550 billion.
Alts Follow BTC’s Lead
Most alternative coins have mirrored BTC’s performance. Ethereum and Binance Coin have both risen by 3%, currently trading at $1,730 and $220 respectively. Ripple, Cardano, Dogecoin, Tron, Toncoin, Polkadot, Polygon, Litecoin, and Bitcoin Cash have also seen gains ranging up to 5%.
Solana Dominates Altcoins
Solana (SOL) stands out from the rest as it has surged by 14% and reached a multi-month high of nearly $25. Other lower- and mid-cap altcoins have also recorded impressive daily gains, leading to an increase of over $40 billion in the total crypto market cap. Consequently, the metric has reached a local peak above $1.120 trillion.
Hot Take: Bullish Momentum Drives BTC and Altcoins
The cryptocurrency market is experiencing a significant surge, with Bitcoin leading the way and reaching a 7-week high. This bullish momentum has extended to various altcoins, resulting in substantial gains across the board. Solana stands out as one of the top performers, soaring to a multi-month high. With the total crypto market cap surpassing $1.120 trillion, it is evident that investor confidence is strong. As we move forward, it will be interesting to see if this upward trend continues and how other cryptocurrencies respond to the market’s current conditions.
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