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Bitcoin’s recent price ascent took the asset to a new multi-month peak of over $104,000 where it faced some resistance and now sits above $103,000.
Many altcoins continue to post impressive gains, with ETH standing well above $2,300, while DOGE has soared past $0.21.
BTC’s Impressive Week
If we roll back the clock to May 6, we will see that BTC’s price was just rejected at $98,000, and the asset had slipped back down to under $94,000. Although this $4,000 price drop might sound painful, a broader look would show that bitcoin has still added roughly $20,000 since the early April lows. Impressive, right?
Well, the primary cryptocurrency wasn’t done yet, not by a long shot. It bounced off that support line, and it took about a day to fly past the coveted $100,000 line. As such, BTC stood within a six-digit price territory for the first time in over three months.
The gains kept coming on Friday as bitcoin exploded to its highest price level since late January of over $104,000. It met some resistance there and was pushed south by a few grand, but that was short-lived. As of now, BTC stands well above $103,000 – a 7% weekly surge and a 26% monthly pump.
Its market capitalization has risen to $2.050 trillion, while its dominance over the alts has taken a hit and is down to 60.5%, as many altcoins have registered mindblowing price increases.
Alts With Big Gains
Many altcoins have doubled down on yesterday’s price increases with massive gains today as well. ETH is among the leaders as another 6% surge has taken it to $2,350 where it faces a crucial resistance.
Binance Coin, Solana, Avalanche, and Shiba Inu have marked similar pumps, while DOGE has risen by over 12% and now trades above $0.21.
As a whole, the meme coins have posted the biggest gains, with PEPE and FARTCOIN leading the charts with substantial double-digit price increases.
The total crypto market cap has surged to $3.4 trillion on CG. This means that the metric has added roughly $400 billion since May 6.
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Cryptocurrency charts by TradingView.
