Bitcoin Comes Close to $45K
In the past 24 hours, Bitcoin has resumed its bullish momentum and came close to reaching $45,000 for the first time since May 2022. However, it was unable to surpass that level.
Last week, Bitcoin experienced a significant increase in its value, reaching nearly $40,000. After initially failing to break through that level and trading below it on Sunday, the cryptocurrency saw another upward movement on Monday, pushing it above $40,000 for the first time in over a year and a half.
Since then, Bitcoin has continued to rise and reached a peak of over $44,000 on Wednesday. Although it temporarily dropped to $43,000 due to bearish pressure, it quickly rebounded.
Currently, Bitcoin is trading above $44,000 and has gained over 2% in the day. Its market capitalization has surpassed $860 billion, but its dominance over other cryptocurrencies has decreased to 52.4%.
Altcoins Experience Significant Growth
While many alternative coins have been lagging behind Bitcoin in recent weeks, several have caught up in the past 48 hours. Ethereum (ETH) is nearing $2,400 after experiencing daily increases. Binance Coin (BNB) has surged above $240 with a 5% jump. XRP sits near $0.7 after a 7.5% increase.
Other altcoins such as Solana, Dogecoin, Polygon, Chainlink, Litecoin, and Uniswap have also seen similar gains to XRP. Additionally, Polkadot and Avalanche have experienced explosive growth of 21-22%. Cardano (ADA) stands out with an impressive surge of 32%, trading well above $0.6.
As a result of the overall positive performance of altcoins, the total crypto market cap has increased by over $40 billion and now exceeds $1.650 trillion on CMC.
Hot Take: Altcoins Outperform Bitcoin as Market Continues to Rise
In the past 24 hours, Bitcoin has made significant gains, nearing $45,000. However, altcoins have outperformed BTC, with ADA, DOT, and AVAX leading the way. This surge in altcoin performance has contributed to a substantial increase in the total crypto market cap. As the market continues to rise, it will be interesting to see if altcoins can maintain their momentum and potentially challenge Bitcoin’s dominance further.
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