Bitcoin Rebounds and Hits New Highs
Bitcoin experienced a significant retracement following the release of US CPI numbers, but the asset quickly recovered and surged to a new multi-year peak price of over $51,500. This upward trend was also seen in altcoins, with Ethereum reaching a new high since mid-2022 at over $2,700.
BTC Maintains Bullish Momentum
Last week was incredibly positive for Bitcoin, as it closed at its highest levels since December 2021 with a double-digit gain. The start of this week was also promising, as BTC surpassed $50,000 on Monday. However, the latest US CPI data caused a temporary dip in its price.
Despite this setback, Bitcoin quickly rebounded and broke through the $50,000 resistance level again. It then continued to climb, reaching a new multi-year peak of $51,600 on Bitstamp. This surge propelled BTC’s market cap above $1 trillion for the first time in over two years.
ETH Follows Bitcoin’s Lead
Ethereum has also experienced significant gains alongside Bitcoin, with a similar daily increase. ETH is now trading above $2,700 for the first time in almost two years. Other altcoins such as TRX, DOT, and ICP have also seen similar gains.
Several other cryptocurrencies including Binance Coin, Solana, Ripple, Cardano, Avalanche, Dogecoin, Chainlink, and Polygon are also showing positive momentum today.
Total Crypto Market Cap Surges
The impressive gains seen in lower- and mid-cap altcoins have contributed to a $50 billion increase in the total crypto market cap within 24 hours. The market cap now stands above $1.9 trillion on CMC.
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