Bitcoin Hits Two-Week High at $26,800
The price of Bitcoin has continued to rise in the past 24 hours, reaching a peak of just over $26,800. Altcoins such as BC, VET, AXS, and THOR have also seen slight gains and emerged as today’s top performers.
BTC on the Verge of Challenging $27K
Earlier this week, Bitcoin experienced a significant drop to a two-month low after trading sideways around $26,000 for several days. However, the bulls quickly regained control and the cryptocurrency recovered all of its lost value, surpassing $26,000 more decisively than before.
There were concerns about increased volatility when the US CPI numbers were released on Wednesday. Despite being slightly higher than expected, Bitcoin managed to maintain its position above $26,000.
Since then, Bitcoin has continued to climb higher and came close to reaching $27,000 today for the first time since August 31. However, it has not yet been able to break through that level and currently remains a few hundred dollars below it.
The market capitalization of Bitcoin has reached nearly $520 billion, with its dominance over altcoins standing above 49%.
Top Performing Altcoins
Altcoins have also shown slight gains today. Ethereum, Binance Coin, and Dogecoin have seen gains of up to 1%, while Cardano, Solana, Polkadot, Polygon, Litecoin, and Shiba Inu have spiked by 2%. Ripple, Tron, and Toncoin have experienced even higher gains of 3-4%.
Bitcoin Cash, VeChain, and Axie Infinity have seen impressive increases in value. BCH is up by more than 8%, VET by 5%, and AXS has soared by over 10%.
The total cryptocurrency market cap now exceeds $1.050 trillion, with an increase of over $50 billion in the past five days.
Hot Take: Alts Outperform Bitcoin in Recent Surge
In the recent surge of the cryptocurrency market, altcoins have outperformed Bitcoin in terms of percentage gains. While Bitcoin reached a two-week high close to $27,000, several altcoins including BC, VET, AXS, and THOR saw even greater increases in value.
This highlights the potential for significant returns in the altcoin market, as they continue to gain momentum and attract investor attention. As the total cryptocurrency market cap exceeds $1 trillion and continues to grow, it is important to closely monitor not only Bitcoin but also the performance of various altcoins.
Investors should consider diversifying their portfolios to include a mix of both Bitcoin and promising altcoins to maximize potential gains in this rapidly evolving market.
Source: CryptoPotato
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