After trading below $11,000 for weeks, Bitcoin finally broke above that psychological level with a 5% increase in the past 24 hours. The altcoins have come along for the ride, and the market cap has jumped by nearly $20 billion since yesterday.
Bitcoin was steadily increasing in the past few days and neared the coveted $11,000 yesterday. Unlike the previous attempts to conquer that level, though, BTC smashed above it rather decisively this time.
The primary cryptocurrency rapidly spiked to $11,100 and traded there for a while. However, in the past few hours, Bitcoin initiated another leg up. As a result, BTC reached its intraday high of nearly $11,500 (on Binance). On a macro scale, this is the highest price level BTC has seen since early September 2020.
Although BTC has retraced slightly to below $11,400, the asset is still 5% up since yesterday.
This impressive price surge could have something to do with the latest events on Wall Street. The three most prominent US stock indexes ended the trading week with notable increases. Given Bitcoin’s increased correlation with them, it would be safe to assume that BTC has copied their movements.
However, another significant event from the past few days is worth mentioning. Jack Dorsey’s Square purchased about $50 million of Bitcoin, which had an immediate positive effect on the asset.
The altcoin market hasn’t missed out on Bitcoin’s gains and has followed their leader with some impressive price jumps. Ethereum’s 7% increase has driven ETH to about $375. Just a few days ago, the second-largest cryptocurrency was struggling at $340.
Ripple (2%), Bitcoin Cash (3.8%), Binance Coin (3.8%), and Litecoin (6.5%) are also in the green. The most notable price jumps in the top 10 come from Polkadot (9%), Cardano (10%), and Chainlink (12.5%). LINK’s surge has pushed its price above the coveted $10 level.
The situation in the mid and lower-cap altcoins is even more impressive. UMA leads the way with a 36% price jump. Storj (20%), Arweave (17%), NXM (16%), Kusama (15%), Quant (14.5%), Band Protocol (14%), Synthetix Network Token (14%), Aave (13%), and Energy Web Token (12%) are just a part of the double-digit price increase club.
In total, the crypto market cap has surged above $360 billion after an $18 billion increase in a day. Furthermore, all digital assets’ cumulative market capitalization has expanded by $30 billion since October 8th.
