Bitcoin Surges to $44K, Altcoins Follow
Bitcoin has experienced another impressive rally, surpassing $44,000 for the first time since May 2022. This upward trend has also positively impacted altcoins, with notable gains seen in SOL, AVAX, DOGE, SHIB, and others.
BTC Reaches $44K
December has been a remarkable month for Bitcoin. Starting at $37,500 on December 1st, the cryptocurrency steadily increased in value. By the end of the weekend, it had surpassed $40,000 for the first time in 19 months. The positive momentum continued into Monday and Tuesday, propelling Bitcoin to over $42,000 and eventually reaching a new 19-month high of $44,400 on Bitstamp.
Currently trading just below $44,000, Bitcoin’s market capitalization has surged above $850 billion and its dominance over altcoins stands at 53.6%.
Altcoins Experience Significant Gains
While Bitcoin’s dominance has been rising, altcoins have also seen substantial gains. In the past 24 hours alone, most alternative coins have shown positive performance.
Ethereum has approached $2,300 with a 3.3% daily increase. Ripple, Chainlink, Litecoin, and Polygon have also recorded similar gains.
Notable increases have been observed in Solana, Cardano, Dogecoin, Avalanche, and Shiba Inu. DOGE, SHIB, and AVAX have experienced pumps ranging from 11% to 18%.
Other cryptocurrencies with significant daily increases include Helium (56%), Beam (25%), Casper (24%), and Celestia (21%).
As a result, the total crypto market cap has surged by $60 billion overnight, reaching $1.6 trillion on CMC.
Hot Take: Crypto Market Soars with Bitcoin’s Rise
The recent surge in Bitcoin’s price to over $44,000 has had a significant impact on the entire cryptocurrency market. Altcoins have also experienced notable gains, showcasing the overall bullish sentiment among investors.
Ethereum and other major altcoins have seen positive price movements, contributing to the overall increase in the crypto market cap. With Bitcoin’s dominance at 53.6%, it remains a key player in driving the market forward.
As we head into the new year, it will be interesting to see how this upward trend continues and whether altcoins can maintain their momentum alongside Bitcoin’s rise.
By
By
By
By