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Following several days of sideways trading, bitcoin made a significant move in the last 12 hours, climbing to nearly $30,000.
The altcoins have also experienced gains, with SOL, BCH, XRP, XLM, and MNT surging by as much as 12%.
BTC Approaches $30K
The beginning of the business week was quite favorable for the leading cryptocurrency, which rose to $28,000 after a lackluster weekend. Monday witnessed another remarkable price increase when a false report regarding the SEC’s approval of a spot BTC ETF propelled the asset upward by approximately two thousand dollars to a multi-month high of just below $30,000.
However, the subsequent denial of the report led to a similar decline that wiped out all the gains. The bulls attempted to push the cryptocurrency higher in the following days, but with little success. This trend shifted in the last day or so.
BTC surged to $29,400 late on Thursday before climbing further to its current value of $29,800. Being so close to the $30,000 threshold has resulted in its market capitalization exceeding $580 billion.
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Its dominance over the altcoins, which has been steadily increasing over the past week, now stands at 51.7%.
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BTCUSD. Source: TradingView
SOL Takes Center Stage
The altcoins have also mirrored BTC’s upward movement. Ethereum has risen about 4% today, trading above $1,600. BNB, Cardano, Dogecoin, Tron, Toncoin, Polygon, Polkadot, and Litecoin have experienced similar gains.
Ripple has increased by 7% following the latest favorable developments in the company’s legal battle with the SEC.
However, Solana has outperformed the larger-cap assets with a substantial 13% daily increase, reaching a multi-week high of $27.
Notable gains are also seen in Bitcoin Cash, Avalanche, XLM, MNT, and OP. Bitcoin SV and Stacks have recorded the highest increases among mid-cap altcoins, rising by 30% and 20%, respectively.
The total cryptocurrency market capitalization has grown by over $40 billion in a day, now exceeding $1.2 trillion according to CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
