Bitcoin Bulls Push Price to New All-Time Highs
Bitcoin’s price experienced a brief dip below $69,000 before quickly rebounding and reaching a new all-time high. This surge has also had a positive impact on several altcoins, including TON, AVAX, DOT, NEAR, and BNB.
BTC’s Latest ATH Follows a Retracement
About a week ago, Bitcoin appeared to stabilize around the $61,000-$62,000 range. However, on Monday, the cryptocurrency surpassed this range and skyrocketed to nearly $69,000. The following day, Bitcoin set a new all-time high at $69,300.
Shortly after reaching this milestone, there was a significant rejection that caused BTC’s price to drop by approximately $10,000. Nevertheless, the bulls managed to recover most of these losses, and by Friday, Bitcoin surged above $70,000 for the first time ever.
Although another rejection occurred over the weekend, it was less severe. On Monday, Bitcoin began another climb and reached a fresh all-time high of almost $73,000. The bears pushed the price down once again yesterday to a multi-day low below $69,000. However, this retracement was short-lived as BTC quickly gained momentum and soared to its latest all-time high at $73,600.
Bitcoin’s market capitalization has now reached $1.450 trillion, with its dominance over other cryptocurrencies hovering around 50%.
Altcoins Join the Bull Run
Ethereum also experienced a rebound after yesterday’s drop and is now trading above $4,000. Among the top 10 cryptocurrencies, Binance Coin has been one of the best performers with a surge of over 7%, bringing its price close to $575.
Two notable altcoins that have seen significant jumps are Avalanche and Toncoin. AVAX has increased by 13% and is trading well above $50, while TON has soared to over $4.
Additionally, many lower- and mid-cap altcoins are showing positive gains. As a result, the total crypto market cap has increased by over $70 billion overnight and now exceeds $2.9 trillion, a level not seen in over two years.
Hot Take: Bitcoin Continues to Break Records
The recent price movements of Bitcoin have demonstrated the strength of the bull run. Despite facing retracements and rejections, BTC has consistently bounced back and reached new all-time highs. This resilience indicates the confidence and optimism among investors in the cryptocurrency market.
Furthermore, the positive performance of altcoins such as Ethereum, Binance Coin, Avalanche, and Toncoin highlights the broader market’s upward momentum. As Bitcoin leads the way, it provides a positive environment for other cryptocurrencies to thrive.
With the total crypto market cap surpassing $2.9 trillion, it is evident that interest and investment in digital assets are growing rapidly. As more individuals and institutions recognize the potential of cryptocurrencies, we can expect further growth and innovation in this space.
By
By
By
By