After a few days of inactivity, bitcoin has finally surged above $30,000 for the first time in ten months. The altcoins have also experienced a rise, contributing to an overall market cap gain of over $60 billion in a 24-hour period.
Bitcoin’s Latest Price Jump
Last week, the primary cryptocurrency remained stagnant around $28,000, leading to speculations about volatility returning mid-week upon the announcement of the latest CPI data by the US. However, bitcoin rallied late Monday and early Tuesday morning, breaking the $29,000 mark and continuing to climb to just over $30,400—the highest price seen since before the Terra collapse. Despite losing a few hundred dollars since then, BTC remains above $30,000, with a market capitalization of $580 billion and almost 1% gained in dominance over the alts in a day, now sitting at 47%.
BTC has risen by almost 100% since the start of the year, but before concluding whether the bull market has returned, several key factors should be considered, as outlined by CryptoPotato yesterday.
SOL, BNB, ADA, LTC Skyrocket
Predictably, most altcoins followed BTC’s lead, receiving massive gains in price. Ethereum saw a 3% daily increase and reclaimed $1,900, with similar price hikes observed from Ripple, Dogecoin, Polygon, and Polkadot from larger-cap altcoins. Meanwhile, Binance Coin, Cardano, and Litecoin recorded 5-6% increases in price, with BNB trading at $330, ADA above $0.4, and LTC approaching $100. SOL saw the highest percentage gain from large-cap alts, with an over 10% price surge in a day, sitting at $22.5.
These price gains have resulted in a $60 billion addition to the crypto market cap, bringing the metric to a multi-month high of $1.240 trillion on CMC.
