Bitcoin and Altcoins on a Bull Run: Overview of the Crypto Market
If you’ve been following the crypto market this past week, you’ve witnessed Bitcoin leading a bullish charge, climbing to an impressive high of over $67,000. But it’s not just Bitcoin that’s been on a tear – altcoins like SOL, AVAX, BCH, and LINK have also seen significant gains, with some registering double-digit increases.
Bitcoin Reaches $67K and Holds Strong
Bitcoin saw a brief retracement to just above $60,000 last Friday. However, bulls rallied to defend this key support level over the weekend. The world’s largest cryptocurrency started a climb on Monday, pushing past $63,000. While it dipped to $61,200 on Tuesday, following the US CPI announcement for April, Bitcoin surged to over $66,500 shortly after. Another minor pullback occurred before the bulls resumed their charge, propelling BTC to almost $67,500. At present, Bitcoin is holding steady around $67,000, with a market capitalization of $1.320 trillion and a dominance of 51.7% over altcoins.
SOL Shines Brightest
While the past 24 hours have been relatively quiet in terms of price action, SOL and LINK have been standout performers over the week. SOL has surged by 17.5% to trade above $170, hitting a multi-week high, while LINK has seen a 22% increase to hover around $16.5. Other top gainers for the week include Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%). On the flip side, TON has experienced the largest decline among major altcoins, shedding over 9% in the past week, with BNB and TRX also showing slight losses. Overall, the total crypto market cap has surpassed $2.550 trillion, reflecting a $150 billion increase over the week.
Key Takeaways from the Crypto Market
- Bitcoin surged to over $67,000 this week, marking a significant milestone.
- Altcoins like SOL, AVAX, BCH, and LINK also recorded double-digit gains.
- SOL emerged as a top performer, climbing by 17.5% to reach over $170.
- Bitcoin’s market capitalization stands at $1.320 trillion, with a dominance of 51.7% over altcoins.
- The total crypto market cap has exceeded $2.550 trillion, with a $150 billion increase over the week.
Hot Take: The Crypto Market Continues to Rally
As the crypto market shows resilience and upward momentum, it’s clear that both Bitcoin and altcoins are enjoying a bull run. With Bitcoin surpassing $67,000 and altcoins like SOL leading the charge, investors are optimistic about the market’s direction. Keep a close eye on key indicators and market developments to make informed decisions in this dynamic environment.
Sources:
1. TradingView
2. QuantifyCrypto
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