Bitcoin’s Price Surges, Altcoins Follow Suit
Bitcoin’s price suddenly surged hours ago from about $58,000 to a weekly high of just over $61,000 before retracing slightly. The altcoins have also turned green, and the total market cap has added more than $60 billion since yesterday.
Bitcoin Breaks $61K Barrier
The end of the previous business week saw a substantial decline for bitcoin as the asset slumped to just over $56,000. However, the bulls were able to intervene and prevent any further corrections. As the weekend arrived, BTC had recovered some ground and stood in a tighter range between $59,000 and $60,000. The start of the new business week saw another retracement, dropping from about $60,000 to $58,000. However, the trends quickly reversed on Tuesday morning as bitcoin skyrocketed by more than three grand and surged past $61,000 for the first time since last Wednesday. Despite losing some traction and currently trading below that level, BTC is still 3.5% up on the day. Its market capitalization has tapped $1.2 trillion on CG once again, while its dominance over the alternative coins stands close to 54%.
Altcoins Show Positive Movement
Most of the altcoins have followed BTC’s performance over the past 12 hours or so. Binance Coin (BNB) is leading among the larger caps, adding 6% of value and surpassing $565. Ripple’s native token has also seen a similar increase, trading above $0.6. Other notable gainers include Tron and Avalanche, both up by 6-7% and trading at $0.15 and $22, respectively. Additionally, FET (10%), SUI (9%), and PEPE (9%) have shown further gains, while Litecoin (LTC) is the only alt with a minor decline on a daily scale. The cumulative market capitalization of all crypto assets has increased by about $60 billion since yesterday, now sitting above $2.230 trillion.
Hot Take: Crypto Market Update 🚀
The cryptocurrency market has recently experienced a significant surge, with Bitcoin breaking the $61,000 barrier and altcoins following suit with positive movement. While Bitcoin faced retracements last week, it managed to climb back up this week, showcasing its resilience. Altcoins such as Binance Coin, Ripple, Tron, and Avalanche have also seen notable gains, contributing to the overall market cap increase of over $60 billion. The current market trends indicate a bullish sentiment, highlighting the potential for further growth in the crypto space.
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