Bitcoin Breaks Out of Stagnation Phase
Bitcoin’s price has experienced a significant surge in the past few days, breaking out of its period of stagnation. While some altcoins have also seen slight gains, Bitcoin’s dominance in the market is increasing.
Bitcoin Aims for $47K?
After reaching nearly $44,000 and failing to surpass that level, Bitcoin remained around $43,000 for over a week. However, it made a strong move yesterday, surpassing $45,000 for the first time since January. In early Asian trading hours today, it reached a monthly peak of $46,750.
Although it has retraced slightly since then, Bitcoin is still up over 4% on the day. Speculations are circulating that Bitcoin will not drop below $40,000 again. Its market capitalization has exceeded $910 billion, and its dominance over altcoins has increased by almost 1% in the past two days.
ADA and SOL Lead Altcoin Gains
While many altcoins have seen gains for two consecutive days, they are more modest compared to Bitcoin’s surge. Ethereum is close to $2,500 with a 2% increase. BNB has also risen by a similar percentage to just over $320.
XRP, AVAX, DOGE, TRX, DOT, and MATIC have experienced similar gains. Among larger-cap altcoins, Solana and Cardano have seen the most significant increases. SOL is up 4%, trading at $105, while ADA has gained 3%, reaching close to $0.55.
The total crypto market cap has continued to rise and is now at $1.760 trillion. This represents an overnight increase of $50 billion and a gain of over $110 billion since Wednesday.
Hot Take: Bitcoin Surges and Altcoins Follow
Bitcoin’s recent surge has broken its stagnant phase, with the price soaring by almost four thousand dollars in just a few days. While altcoins have also seen gains, Bitcoin’s dominance in the market is on the rise. Speculations suggest that Bitcoin may never drop below $40,000 again, and its market capitalization has surpassed $910 billion. Meanwhile, altcoins such as Solana and Cardano have experienced notable increases. The total crypto market cap has continued to grow, reaching $1.760 trillion. This recent surge indicates a positive trend for the crypto market as a whole.
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