Bitcoin has finally made a bullish move after trading sideways for several days and has surged to almost $29,000. Other altcoins have also seen positive gains, with ADA and SOL leading the way among larger-cap ones, and RADIX showing a double-digit surge.
Bitcoin Eyes $29K
Last week, BTC experienced significant price declines that sent it from over $30,000 to $27,000 in a matter of days. The cryptocurrency failed to make substantial upward moves since then and even hit a monthly low yesterday at $27,000.
Fortunately, it seems that growing banking problems in the US, this time with First Republic, helped BTC recover some of its value. BTC bulls drove the price of bitcoin up almost $2,000, and it came close to $29,000.
The 5% increase on the day raised the market capitalization of bitcoin well above $550 billion, up from under $530 billion the previous day. Bitcoin’s market dominance also saw an increase of over half a percent in one day, now sitting above 46.5% on CMC.
XRD Soars 22%
The past few days have not been kind to altcoins, but that all changed today. Ethereum almost dropped below the $1,800 mark but rebounded more than 3% in a day and now trades closer to $1,900. However, ETH still remains over $200 less than its 11-month peak earlier this month.
Binance Coin saw a similar increase and is now trading near $340. Other altcoins such as Ripple, Dogecoin, Polygon, Polkadot, Litecoin, and Shiba Inu also showed positive movements.
Solana and Cardano saw the greatest price increases among the top 10 altcoins, each over 5%. Other notable gains come from ICP, HBAR, NEAR, ARB, and GRT. CRO, following a partnership with Amazon Cloud, showed the most significant increase in the top 50 altcoins, up 13%.
Radix (XRB) continues its impressive run, surging by 22% in just 24 hours.
The total crypto market cap added $40 billion in one day and is currently at almost $1.2 trillion.