The recent trading week proved to be quite positive for Bitcoin, as it experienced a notable increase of over six thousand dollars. This surge led Bitcoin to reach its highest price in almost a month, surpassing the $67,000 mark. Following Bitcoin’s upward trajectory, many altcoins also witnessed substantial gains. Notable mentions include SOL, AVAX, BCH, LINK, and several others, all registering double-digit increases.
Bitcoin had retraced slightly to just above $60,000 at the end of the previous week, but the bulls managed to defend this psychological support level over the weekend. The asset then started climbing on Monday, reaching just over $63,000. Despite a brief setback to $61,200 on Tuesday, Bitcoin experienced a significant surge after the US CPI announcement for April. This led to a sharp increase in price, with Bitcoin surpassing $66,500 for the first time since mid-April. While there was a minor retracement, the bulls once again took control, pushing the digital asset close to $67,500.
While the past 24 hours showed little movement in the crypto space, the overall weekly scale highlighted notable performances from altcoins like SOL and LINK. SOL saw a remarkable 17.5% increase, reaching a multi-week high of over $170, while LINK surged by 22%, trading close to $16.5. Other top gainers for the week included Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%). Conversely, TON experienced the most significant decline among larger-cap altcoins, losing over 9% of its value in the past seven days, with BNB and TRX also showing slight losses.
The total crypto market cap, as reported on CG, has risen to $2.550 trillion, reflecting a substantial increase of over $150 billion on a weekly basis. Despite minor fluctuations and retracements, the overall trend for both Bitcoin and altcoins in the recent trading week has been overwhelmingly positive, indicating growing interest and investment in the cryptocurrency market. Bitcoin’s dominance over altcoins remains strong at 51.7% on CG, underscoring its position as the leading digital asset in the market.
