BTC Surpasses $35K as Uptober Continues
The price of bitcoin has surged to a 17-month high, exceeding $35,000, as Uptober continues to bring positive momentum to the crypto market. Despite the rise in altcoins, BTC dominance has also increased to its highest levels in over two years.
BTC Exceeded $35K
About a week ago, bitcoin experienced a sudden drop of $2,000 due to false reports of the SEC approving a spot BTC ETF. However, the bullish sentiment prevailed, leading to a push in the price of BTC later in the week.
Over the weekend and into Monday, bitcoin surpassed $30,000 and continued to climb. During late US trading hours, the cryptocurrency skyrocketed by approximately $4,000, reaching over $35,000 for the first time since May 2022.
Although BTC has since dropped by $1,000, it remains 11% up for the day. Its market cap has risen to $665 billion, with BTC dominance at 53%, its highest level since spring 2021.
Alts Turn Green, too
As expected during periods of heightened BTC volatility, most altcoins have followed suit and experienced gains. Major altcoins such as ETH, ADA, DOGE, DOT, and BCH have seen significant increases.
Ethereum has risen by over 8% and reached its highest point in several months at over $1,800. Other altcoins like Binance Coin, Ripple, Solana, Tron, Toncoin, Polygon, and Litecoin have also seen modest gains.
Impressive double-digit gains have been observed in Mina (92%), Pepe (25%), Conflux (17%), Injective (19%), Rocket Pool (18%), and Flow (12%).
The total market cap of all cryptocurrencies has surged by over $120 billion, reaching a six-month high of over $1.27 trillion on CMC.
Hot Take: Bitcoin Continues to Lead the Crypto Market
Bitcoin’s recent surge above $35,000 demonstrates its continued dominance in the crypto market. Despite some fluctuations, BTC remains on an upward trend, driving positive momentum for altcoins as well. With its market cap surpassing $665 billion and BTC dominance reaching its highest levels in years, it is clear that bitcoin still holds significant influence in the industry. As Uptober progresses, it will be interesting to see how the market evolves and if bitcoin can sustain its momentum.
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