These Altcoins Experience Significant Growth as Bitcoin (BTC) Surges to Highest Level in 3 Weeks (Market Watch)
Bitcoin’s recent rally has continued, with the asset reaching $66,500 for the first time since the end of September. The altcoin market has also seen gains, resulting in a $100 billion increase in the total crypto market cap overnight.
BTC’s surge to a three-week high has been a long time coming. Just five days ago, the primary cryptocurrency experienced a significant drop, falling to under $59,000. However, bulls have taken control in the past few days, propelling BTC’s price upwards. After recovering over the weekend and reaching $63,000, this week has started off even more positively.
Within hours, BTC added over $3,000 in value, peaking at $66,500 earlier today. Although it has retraced slightly and is currently trading below $66,000, it is still up 5% for the day. The market capitalization of BTC has also surged to $1.3 trillion, with its dominance over altcoins above 54% on CG.
In the past 24 hours, many altcoins have seen even more significant gains. Ethereum, which has lagged behind in recent months, has risen by 6.5% and reached a multi-week peak of over $2,600. Solana has experienced an identical surge and is currently trading at $155. Bitcoin Cash, NEAR, and UNI have also seen impressive increases. ENA and WLD are the top performers among the largest 100 altcoins.
As a result, the combined market cap of all crypto assets has increased by $100 billion overnight and $150 billion since the weekend, reaching $2.4 trillion.