Following a brief period of sideways trading around $44,000, BTC experienced two distinct upward movements yesterday. The second surge propelled the asset beyond $47,000, marking its first time reaching such levels since early April 2022.
Simultaneously, many altcoins are showing positive momentum today, contributing to an overall market cap increase of approximately $100 billion in the span of 24 hours.
Bitcoin (BTC) surges to $47,000.
After a turbulent start to the year, marked by Bitcoin (BTC) initially surging to nearly $46,000 before a subsequent dip to $41,500 amid speculation surrounding the SEC’s potential decision on awaited ETFs, the cryptocurrency stabilized toward the end of the last week and over the weekend.
However, Monday morning brought a shift as the asset declined to $43,200. The situation swiftly transformed, and Bitcoin aggressively rebounded. It initially surged to $45,000 following announcements by many ETF applicants regarding their proposed fees.
This was just the beginning, as the asset continued its upward trajectory, reaching an impressive $47,250, marking its highest price point in nearly two years.
Although it has slightly retraced and is now below $47,000, its market cap exceeds $900 billion, and its dominance over alternative cryptocurrencies stands at over 53%, with crucial ETF decisions looming on the horizon.
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Alternative cryptocurrencies show positive momentum, entering the green zone.
In recent days, many alternative coins were facing a downturn, but the trend has shifted today. Solana, previously one of the notable underperformers, experienced a significant recovery, surging by 12% on a daily basis and surpassing the $100 mark from a point below $90. Avalanche mirrored this performance with a comparable percentage increase, trading well above $35.
Other cryptocurrencies such as Cardano, Polkadot, Polygon, Bitcoin Cash, ATOM, and ICP have also demonstrated notable gains.
Ethereum is approaching $2,300 with a 3% daily increase, while BNB has risen above $300 after a 2% jump.
The collective market capitalization of all cryptocurrencies has witnessed an overnight increase of around $100 billion, reaching $1.720 trillion on CoinMarketCap.
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