Bitcoin Surges to $46,000
After trading sideways for days around $42,000, Bitcoin made a strong start to the new year by skyrocketing to nearly $46,000, reaching a level not seen since April 2022. This surge also led to significant gains in the altcoin market, with SOL and AVAX experiencing double-digit increases and the total crypto market cap gaining about $100 billion overnight.
BTC Breaks Out
Bitcoin had remained relatively calm during the holiday season, trading within a tight range of $42,000 to $43,000. Although it occasionally slipped below support levels, it ultimately maintained its positive performance throughout the year. However, everything changed on Monday evening when BTC initiated a rally that pushed its price up to $44,000. The following morning saw even more excitement as Bitcoin soared past $45,000 for the first time in almost two years, resulting in the liquidation of numerous short positions.
The asset reached its local peak at $45,900 and is now poised to surpass $46,000. Bitcoin’s market cap has also experienced significant growth and is approaching $900 billion on CoinMarketCap. Additionally, Bitcoin’s dominance over other cryptocurrencies has increased to 50.9%.
Solana and Avalanche Lead Altcoin Gains
While most altcoins have seen positive price movements today, many have been outperformed by Bitcoin. This includes ETH (6%), BNB (2.5%), XRP (2.4%), ADA (5%), DOGE (5%), DOT (6%), and MATIC (5%). However, there are a few exceptions that have achieved more impressive gains compared to the leading digital asset.
Solana (SOL) has resumed its bullish trend and surged by 13% to reach $115, while Avalanche (AVAX) is up by 11% and trading well above $40. Other altcoins have also experienced notable increases in the past day, contributing to a total crypto market cap of $1.770 trillion on CoinMarketCap, representing a $100 billion increase.
Hot Take: Bitcoin Starts the Year with a Bang
Bitcoin’s impressive surge to nearly $46,000 at the beginning of the year has brought renewed excitement to the cryptocurrency market. This sudden rally has not only propelled BTC to new heights but has also resulted in substantial gains for altcoins such as Solana and Avalanche. With positive price movements across the market, the total crypto market cap has seen significant growth overnight.
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