Crypto Market Surges

Martin Walker
Oct 21, 2023 at 01:58 pm

Bitcoin made a strong comeback in the last 24 hours, surging above $30,000, marking its highest price point since July. Alongside this rise, several alternative cryptocurrencies are also experiencing gains, with SOL taking the spotlight due to a 5% daily surge.

BTC and Gold See Price Increases

Just a little over a week ago, the leading cryptocurrency faced a significant drop, plummeting to $26,500 amid the Israel-Hamas conflict. However, things took a turn at the beginning of this week, particularly following a false report of an approved spot Bitcoin ETF in the United States.

In a matter of minutes, Bitcoin's value shot up by more than $2,000 before retracting as the report turned out to be inaccurate. Nevertheless, the bullish momentum continued, gradually pushing the cryptocurrency's price upward in the following days.

This momentum culminated in a price spike yesterday, with Bitcoin reaching around $30,300. This marked its highest price point since mid-July. Although it has dipped below $30,000 at present, Bitcoin is still up by 10% for the week, and its market capitalization is close to $580 billion.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView

Simultaneously, gold, a traditional safe-haven investment asset despite its historically sluggish performance, has also seen a notable increase in value. The precious metal's price against the dollar rose by nearly $200 in just a few weeks, reaching a five-month peak of around $2,000 per ounce.

Altcoins Are on the Rise

Altcoins are also experiencing gains once again, with Ethereum (ETH) maintaining a price of $1,600 and Ripple (XRP) staying above $0.5. Other cryptocurrencies like Cardano, Dogecoin, Tron, Toncoin, Polkadot, Litecoin, and Bitcoin Cash are also showing slight increases.

Among larger-cap altcoins, Polygon, Chainlink, and Solana have been the top performers. SOL, in particular, has surged by an additional 5% in the past 24 hours, reaching a multi-month peak of over $28.

Further gains are seen in mid-cap altcoins like MNT, BSV, and KAS.

The total cryptocurrency market capitalization has held steady, remaining above $1.120 trillion according to CoinMarketCap.

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