After several days of sitting quiet, bitcoin finally made a decisive move and skyrocketed to above $30,000 for the first time in ten months.
The altcoins have also turned green, helping the total market cap gain over $60 billion at one point in 24 hours.
The primary cryptocurrency ended last week with little-to-no price movements as it had stalled around $28,000. Monday started on similar note, and there were speculations that the volatility will return mid-week when the US was supposed to announce the latest CPI data.
However, bitcoin didn’t wait until Wednesday. It went on the offensive late Monday and early Tuesday morning. It first broke above $29,000, but unlike the previous attempts, this time, it kept going. This resulted in another massive price surge to just over $30,400, which became its highest price tag since before the Terra collapse.
Despite losing a few hundred dollars since then, BTC still trades north of $30,000 as of writing these lines. Its market capitalization has shot up to $580 billion, and its dominance over the alts has gained almost 1% in a day and sits at 47%.
BTC is now up almost 100% since the start of the year, and CryptoPotato outlined several key factors yesterday that should be considered before concluding that the bull market has returned.
Somewhat expectedly, most alternative coins have followed BTC’s example with massive gains. Ethereum has reclaimed $1,900 after a 3% daily increase. Similar price jumps are seen from Ripple, Dogecoin, Polygon, and Polkadot from the larger-cap alts.
Binance Coin, Cardano, and Litecoin, on the other hand, have all shot up by 5-6%. As a result, BNB trades at $330, ADA is above $0.4, and LTC is close to $100.
Solana is the best performer from the larger-cap alts. SOL is up by over 10% in a day and sits at $22.5.
All of these price pumps have helped the crypto market cap add roughly $60 billion as of now. As such, the metric stand at a multi-month high of its own at $1,240 trillion on CMC.
