Bitcoin soared by roughly $2,000 in the past several, charting its highest price position since mid-September.
The altcoins are well in the green as well, with some, such as SOL and OKB, posting massive double-digit price increases.
The latest bitcoin surge came amid five bullish on-chain factors provided by CryptoQuant earlier this week. The asset had calmed after touching $21,600 and had retraced to just under $21,000.
The bulls had a battle that continued for a few days seems to be won, at least for now, as BTC went through one of its most impressive overnight price surges in a while. It took it from below $21,000 to inches away from $23,000.
Although it has still been unable to tap that level as of now, touching $22,800 is the highest price tag bitcoin has seen in 18 weeks. Somewhat expectedly, this price surge caused losses worth millions of dollars for over-leveraged traders, with the majority being short positions.
The price pump has helped BTC’s market cap to increase to almost $440 billion. Its dominance over the altcoins is also on the rise and is up to 42%.
Although BTC’s market dominance is increasing, several altcoins are actually outperforming the largest digital asset on a daily scale. Among those, Aptos’ native token has taken the main stage with a mind-blowing 57% surge. As a result, APT has marked a multi-month high above $12.
Next in line from the larger-cap altcoins are Solana, OKB, MANA, SAND, ICP, VET, HBAR, NEAR, and ATOM. All of those have skyrocketed by between 10% and 20% overnight.
Ethereum is at $1,650 after a 6.5% increase. Binance Coin has reclaimed $300 following a 5.5% jump.
All of these price jumps have helped the crypto market cap to surge above $1 trillion on CoinMarketCap as well.
