As Bitcoin surges closer to the $30K mark, the digital currency continues to captivate investors with its unstoppable momentum, while the meteoric rise of Solana, soaring 13% daily, demonstrates the immense potential for growth in the crypto market.
After days of trading sideways, Bitcoin has made a strong move in the past 12 hours, surging to nearly $30,000. This upward momentum has also affected altcoins, with SOL, BCH, XRP, XLM, and MNT experiencing significant gains of up to 12%.
The start of the business week was positive for Bitcoin, as it reached $28,000 after a relatively uneventful weekend. A fake report regarding the SEC approving a spot BTC ETF caused the cryptocurrency to soar to a multi-month peak of just under $30,000. However, the subsequent denial of the report resulted in a price drop that erased all gains. Despite attempts by bulls to drive the price higher, they had little success until recently.
Bitcoin shot up to $29,400 before reaching its current price point of $29,800. Its market cap has now exceeded $580 billion, with a dominance over altcoins of 51.7%.
Altcoins have also followed Bitcoin’s upward trajectory. Ethereum has gained about 4% and sits above $1,600. BNB, Cardano, Dogecoin, Tron, Toncoin, Polygon, Polkadot, and Litecoin have all seen similar percentage increases. Ripple is up by 7% following positive developments in the company’s legal case against the SEC.
Solana has stolen the show among larger-cap altcoins, experiencing a massive 13% daily surge and reaching a multi-week high of $27. Other notable gains have been seen in Bitcoin Cash, Avalanche, XLM, MNT, OP, Bitcoin SV, and Stacks.
The total crypto market cap has added over $40 billion in one day and now sits above $1.2 trillion.
Please note that the information provided here is not financial advice. It is important to conduct your own research before making any investment decisions.