Bitcoin’s Recent Surge
The price of Bitcoin has once again made a strong move, reaching $42,400 for the first time in over a year and a half. However, it has since retraced and is now below the $42,000 mark.
BTC’s Recent Run
Bitcoin has been performing exceptionally well in terms of its price recently. At the beginning of the month, it was struggling to stay above $38,000. However, on Saturday it started gaining value and surged to $39,500. On Monday, it broke above $40,000 for the first time since May 2022. The upward trend continued, resulting in a surge to $42,400, its highest price in 19 months. Although it has retraced slightly and is now below $42,000, its market capitalization remains above $810 billion.
SOL Leads on the Way Down
While most altcoins experienced similar price increases to Bitcoin in recent days, the situation has changed today. Ethereum and Binance Coin have both declined by around 2%, but they are still valued at over $2,200 and $230 respectively. Other altcoins like Cardano, Tron, Avalanche, and DOGE have also dropped by similar percentages. Solana (SOL) has been hit the hardest among larger-cap altcoins with a decrease of more than 6%, although it remains just above $60. On the other hand, Stacks (STX) has seen a significant surge of over 30% overnight.
Total Market Cap
The total market capitalization of the cryptocurrency market has lost some momentum since yesterday’s peak and now stands just under $1.550 trillion.
Hot Take: Bitcoin Surges to a 19-Month High
Bitcoin’s recent surge has taken its price to a new 19-month high of $42,400. Although it has retraced slightly, Bitcoin’s market capitalization remains strong at over $810 billion. While most altcoins have also experienced price increases in recent days, some have seen a decline today, with Solana being hit the hardest. The total cryptocurrency market cap has lost some momentum but remains significant at just under $1.550 trillion.
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