Bitcoin Reverses Course and Surges Above $38K
After a downward trend, bitcoin’s price has finally turned around and surged above $38,000 in the past 24 hours. This increase has also had a positive impact on most altcoins, with Ethereum reaching over $2,000 and XRP maintaining its position at $0.6.
Bitcoin Hits Highest Price in Over a Year
Last Friday, bitcoin experienced a significant surge that pushed its price to the highest level in over a year and a half, reaching $38,500. However, the momentum quickly subsided, and bitcoin dropped back below $38,000. The weekend saw bitcoin trading sideways around $37,000. On Monday and Tuesday, the cryptocurrency slipped below $37,000 for the first time in nearly a week.
Nevertheless, the bulls took control once again and initiated another rally that briefly touched $38,400. Although it couldn’t break the $38,500 barrier, bitcoin is still holding above $38,000 with a market cap of $750 billion and dominance over alternative coins at 52%.
SOL and RUNE Experience Significant Gains
As is often the case when bitcoin moves in either direction, most altcoins follow suit. Ethereum has seen a 2.5% increase and reclaimed the $2,000 resistance level. Binance Coin is trading at $230, while XRP remains above $0.6.
Other altcoins such as Cardano, Dogecoin, Polygon, and Polkadot have all experienced gains of around 4% overnight. LINK, AVAX, NEAR, and MNT are up by 5-7%. However, SOL and RUNE have seen the most significant increases among larger-cap altcoins. SOL has surged by 11% and is now trading above $60, while RUNE has soared by 14.5% and sits comfortably above $6.
Total Crypto Market Cap Rises
With the recent surge in prices, the total crypto market cap has increased by over $30 billion in just one day. As a result, the metric now stands at over $1.430 trillion on CMC.
Hot Take: Bitcoin Reverses Course and Altcoins Follow Suit
After a period of decline, bitcoin has finally reversed its trajectory and surged above $38,000. This upward movement has also had a positive impact on various altcoins, with Ethereum, XRP, SOL, and RUNE among those experiencing significant gains. The total crypto market cap has also seen a notable increase. This recent shift in the market suggests renewed bullish sentiment and may indicate further price growth in the near future.
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