After trading sideways for a few days, Bitcoin went on the offensive in the last 12 hours and reached almost $30,000.Thank you for reading this post, don't forget to subscribe!
Altcoins have also turned in the green with SOL, BCH, XRP, XLM and MNT rising up to 12%.
BTC eyes $30K
The trading week started off quite positive for the primary cryptocurrency, reaching $28,000 after a boring weekend. Monday saw another shocking rise in prices when a fake report regarding the SEC approving a spot BTC ETF sent the asset rising nearly two grand to a multi-month peak of less than $30,000.
However, a subsequent denial of the report resulted in a similar drop in prices that wiped out all gains. Bulls tried to drive the cryptocurrency northward in the following days but with almost no success. However, this has changed in the last few days.
BTC reached $29,400 late Thursday and rose even higher to its current price point of $29,800. Being so close to the $30,000 milestone means its market cap has crossed $580 billion.
Its dominance over altcoins, which has been steadily increasing for the past week or so, now stands at 51.7%.
BTCUSD. Source: TradingView
SOL stole the show
Altcoins have also followed BTC’s upward path. Ethereum gained nearly 4% on the day and reached above $1,600. BNB, Cardano, Dogecoin, Tron, Toncoin, Polygon, Polkadot and Litecoin have increased by the same percentage.
Ripple is now up 7% following the latest positive development in the company’s legal case against the SEC.
However, Solana has stolen the show from the large-cap landscape with a 13% daily surge. As a result, SOL is at a multi-week high of $27.
More impressive gains come from Bitcoin Cash, Avalanche, XLM, MNT and OP. Bitcoin SV and Stacks have gained the most among mid-cap stocks, rising 30% and 20% respectively.
The total crypto market cap has increased by more than $40 billion per day and is well above $1.2 trillion on the CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto Special Offer (Sponsored)
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Cryptocurrency charts by tradingview.