Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
After dipping below $50,000 once more on Sunday, bitcoin has gone on a tear again and surged to a new multi-month high above $52,000. Some altcoins are also well in the green, with Binance Coin trading above $500 and Chainlink spiking 15%.
Bitcoin Touched $52K
The past few days were going well for BTC as the asset had recovered from the mid-week price drops below $47,000. In fact, it challenged $50,000 a few times, and after the last one, it even went to a high of $51,000.
This price surge was relatively short-lived as the bears didn’t allow it to continue forwards. In the next few days, bitcoin dropped below the coveted $50,000 mark and went down to just over $49,000.
However, the situation changed once more in the past 24 hours. In a matter of hours, BTC gained roughly $2,000 of value. This resulted in briefly exceeding $52,000, which became the new highest price point since the mid-May correction.
Despite retracing with a few hundred dollars since then, bitcoin’s market capitalization sits near $1 trillion, while the dominance over the altcoins is still at 41.5%.
BTCUSD. Source: TradingView
Alts See Green; BNB Above $500
Most alternative coins also took a day off on Sunday, displaying an untypical lack of volatility. In the past 24 hours, though, the landscape seems quite different.
Ethereum has added 2% of value and is close to $4,000 once more. Binance Coin has taken another swing at $500 with a 1.5% increase. As of now, BNB stands just north of that level.
Even more gains come from Ripple (5.5%), Solana (4%), Dogecoin (3.6%), Polkadot (6%), Uniswap (4%), Litecoin (6%), and Bitcoin Cash (10%). Chainlink is the most impressive performer from the larger cap alts with a 14% surge to $35.
Cryptocurrency Market Overview. Source: Quantify Crypto
From the lower- and mid-cap alts, Quant has increased the most – 42% in a day to $340. Filecoin (22%), OMG Network (22%), FTX Token (15%), Perpetual Protocol (15%), and Algorand (14%) are next.
By adding around $80 billion in a day, the crypto market cap has also seen a multi-month record at $2.350 trillion.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.