In this market watch article, we explore Bitcoin’s recent surge towards $27K and highlight several alternative cryptocurrencies that are outperforming BTC. The article provides insights into the crypto market’s performance and offers valuable information for investors and enthusiasts alike.
Bitcoin Surges Close to $27,000 After Days of Stagnation
After days of trading sideways without any upward movements, bitcoin has finally made a bullish move and came close to reaching $27,000 in the past 24 hours. However, despite this surge, there are several altcoins that have outperformed the primary cryptocurrency, including SOL, ADA, TON, and MKR.
BTC Closing Down to $27K?
Last week, bitcoin experienced a significant drop from around $29,000 to $25,300, which marked a two-month low within a single day. Following this massive decline, bitcoin started to show signs of stagnation, even during the typically less volatile weekend.
There was only one notable move in the past few days, when bitcoin briefly fell by over $500 but managed to recover the losses almost immediately. As a result, it stabilized around $26,000 before experiencing a bullish rally that pushed its price up by $800, reaching a 6-day high of $26,800.
Although bitcoin has lost some steam since then, it is still up by over 1% on the day. Its market capitalization has reached nearly $515 billion, and its dominance over the altcoins remains close to 48.5%.
Alts See Green (Finally)
During the major bitcoin plunge last week, altcoins also suffered significant losses and failed to rebound in the following days. However, the landscape seems more positive today, as several altcoins are showing gains.
Ethereum is currently hovering around $1,700 after a 1.7% increase, BNB has reached $220 following a 2.5% jump, and XRP has maintained its price at $0.5 after a 1.5% increase.
Cardano, Solana, and TONCOIN have performed even better, with gains of up to 4% in the case of SOL, which is now trading well above $20. Other mid-cap altcoins such as HBAR, ICP, and MKR have also experienced significant surges, with daily increases ranging between 5-6%.
The total market capitalization of the cryptocurrency market has added over $10 billion in the past 24 hours, bringing it above the $1.060 trillion mark.
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