Bitcoin continues its impressive run, as it recently reached a new monthly peak at $48,600. This surge in price coincides with the altcoins also turning green once again, causing the total market cap to reclaim the coveted $1.8 trillion level. After a period of sideways trading, Bitcoin displayed its bullish momentum and experienced consecutive leg-ups. The asset initially jumped to $45,000 before surpassing $47,000 by the end of the week.
Contrary to the usual sluggish weekends, this one brought positive price movements. Bitcoin made an attempt to break through the $48,000 mark, and while initially unsuccessful, it persisted and accomplished this feat earlier today. As a result, the cryptocurrency skyrocketed to $48,600 for the first time in approximately a month. This notable achievement is notable as it occurred on the same day that all SEC-approved ETFs commenced trading in the United States. Additionally, Bitcoin’s market capitalization approached $950 billion, while its dominance over altcoins surpassed 52% once again.
The positive impact of Bitcoin’s surge extends to altcoins, with many experiencing gains on a daily scale. Ethereum, for instance, has climbed by another percentage and firmly recaptured the $2,500 level. Other altcoins such as BNB, SOL, XRP, DOGE, TRX, and DOT have also achieved similar gains of around 1-2%. Notably, Cardano has seen a 4% increase in value, while AVAX and BC have risen by 5% and 8% respectively. Chainlink has emerged as a standout performer among larger-cap altcoins, with a soaring 11% increase, pushing its price above $20 for the first time in years. Other notable gainers include BEAM with a 23% increase and Ronin with a 14% increase.
The collective strength of these altcoins has elevated the total crypto market cap by approximately $30 billion overnight. Currently, the total market cap stands at a local peak of $1.810 trillion on CMC. This growth demonstrates the resilience and potential for further advancement within the cryptocurrency market.
Bitcoin’s recent surge to a new monthly high at $48,600 has spurred positive price movements throughout the cryptocurrency market. Altcoins have also experienced gains, contributing to the overall growth of the total market cap. With Bitcoin’s dominance over altcoins above 52% once again, the market shows promising signs of continued expansion. As investors and enthusiasts continue to monitor these developments, the cryptocurrency market remains an exciting and dynamic space.