Bitcoin continues to surge forward, reaching new heights in the crypto market. Just hours ago, it jumped to a new monthly peak at $48,600. This significant milestone demonstrates the growing strength and popularity of the primary cryptocurrency.
Not only is Bitcoin on the rise, but altcoins are also experiencing positive price movements. The total market cap has reclaimed the coveted $1.8 trillion level, indicating a widespread bullish sentiment in the market. While Bitcoin had been trading sideways for the past ten days, the bulls gained control, and a series of consecutive leg-ups followed.
Bitcoin initially jumped to $45,000, but the bulls did not stop there. They continued to apply pressure, causing the cryptocurrency’s price to climb above $47,000 by the end of the business week. Unlike previous weekends, which have been sluggish, this weekend brought more positive price movements.
Bitcoin made a significant push to surpass $48,000 yesterday. Although it initially failed, it did not give up. Instead, Bitcoin continued to push forward and achieved the milestone earlier today. The last time Bitcoin reached this price level was approximately a month ago when all SEC-approved ETFs went live for trading in the United States.
Altcoins are not lagging behind in the market. Most altcoins are also witnessing positive daily movements. Ethereum, for example, has reclaimed the $2,500 level, while BNB, SOL, XRP, DOGE, TRX, and DOT have experienced gains of around 1-2%. Cardano’s value has increased by 4%, and AVAX and BC are up by 5% and 8% respectively. Chainlink, one of the larger-cap altcoins, has taken the main stage with an 11% surge, trading above $20 for the first time in years. Other altcoins such as BEAM and Ronin have also seen substantial gains at 23% and 14% respectively.
The influx of positive price movements has resulted in a significant increase in the total crypto market cap. The market cap has added about $30 billion overnight, standing at a local peak of $1.810 trillion on CMC. This surge in market capitalization demonstrates the growing interest and investment in the cryptocurrency market as a whole.
Bitcoin’s recent surge to a new monthly peak at $48,600 highlights its dominance and growing strength in the crypto market. Altcoins are also experiencing positive price movements, indicating a widespread bullish sentiment. The total market cap has reached new heights, surpassing the $1.8 trillion mark. These developments are a reflection of the increasing popularity and adoption of cryptocurrencies, solidifying their position as a viable investment option. As the crypto market continues to evolve, it will be interesting to see how these trends develop and what new milestones will be reached in the future.
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