TL;DR
- Bitcoin’s Bull Run (BTC) surged 11% in a single day, reaching a new 26-month high of just over $57,000, signaling the arrival of the much-anticipated bull run.
- Despite recent declines, Bitcoin’s dominance over alternative cryptocurrencies increased by 1.4% to 49.5%, with its market capitalization surging to well over $1.1 trillion.
- Most alternative cryptocurrencies (alts) also experienced positive growth, with Ethereum increasing by 7% to $3,250, SOL regaining the $110 mark, and Bitcoin Cash increasing by 13.5% to $300.
Bitcoin (BTC) has seen an impressive bull run surging 11% in a single day, marking a significant milestone in the cryptocurrency market. This remarkable increase has led to a collective sigh of relief among crypto investors and enthusiasts, as it signals the arrival of the much-anticipated bull run.
Bitcoin’s price has been on a rollercoaster ride over the past few years, with its value fluctuating wildly. However, the recent surge has brought Bitcoin back to levels not seen since 2021. The digital currency’s last record high of nearly $69,000 was hit in November 2021.
Bitcoin had been relatively stable, fluctuating between $51,000 and $52,000. However, a significant surge occurred yesterday and earlier today, pushing Bitcoin to a new 26-month high of just over $57,000. Concurrently, the altcoin market also experienced growth, with SOL surpassing $110 and BCH reaching $300.
Last week, Bitcoin had a period of relative calm, with its price primarily hovering around $52,000. There were occasional brief spikes towards $53,000 and several retracements to $51,000. Indications suggested that this consolidation phase might continue, as the weekly inflows to spot Bitcoin ETFs had decreased. However, the reality proved to be quite different.
Bitcoin began a substantial upward trend on Monday afternoon, soaring to over $53,500. This was merely the beginning, as another bullish run pushed the price to $55,000 later on. The gains didn’t stop there. During the early hours of Tuesday morning, during the Asian trading session, the cryptocurrency spiked even further, hovering just under $57,000, according to CoinMarketCap.
How Altcoins Followed Bitcoin’s Bull Run and Posted Impressive Gains
Currently, Bitcoin’s price is slightly below that level, but its market capitalization has surged to well over $1.1 trillion. Despite recent declines, Bitcoin’s dominance over alternative cryptocurrencies has increased by 1.4% to 49.5%.
While most alternative cryptocurrencies (alts) have not matched Bitcoin’s daily gains, as indicated by Bitcoin’s increasing dominance, they have nonetheless experienced positive growth.
Ethereum continues its upward trajectory, with a further 7% increase pushing its value to $3,260. SOL has regained the $110 mark following a 9% daily surge. Other cryptocurrencies such as XRP, ADA, Avalanche, Polkadot, Chainlink, and Polygon have seen increases of between 5-8%. Dogecoin has emerged as a standout performer, surging by a substantial 12% to nearly $0.1.
Bitcoin Cash is also among the top performers, with a 13.5% increase taking its value to $300. With the majority of lower- and mid-cap alts performing well, the total cryptocurrency market capitalization has increased by $140 billion, reaching $2.250 trillion according to CoinMarketCap.
