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Crypto Surge: Bitcoin Peaks, Altcoins in Flux

Martin Walker
Dec 5, 2023 at 02:30 pm

Bitcoin launched another attack just hours ago, reaching $42,400, marking its highest point in over 18 months. However, it has since retraced below the $42,000 mark.

Simultaneously, a sea of red engulfs most altcoins today, with SOL taking the biggest hit among larger-cap alts, plummeting to $60.

BTC's Recent Surge

The recent performance of the primary cryptocurrency has been undeniably impressive. At the beginning of the month, Bitcoin struggled below $38,000 on Friday, only to showcase a remarkable increase on Saturday, surging to $39,500.

Following a sluggish Sunday, Monday witnessed even more significant price jumps, propelling BTC above $40,000 for the first time since May 2022.

Yet, Bitcoin didn't halt its ascent; it continued climbing, reaching $42,400 just hours ago—its highest price in 19 months.

Presently, BTC has retraced slightly, residing below $42,000. Despite this, its market capitalization remains comfortably above $810 billion, with its dominance over alternative coins reaching 53% on CMC.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView

SOL Takes the Lead in the Downward Spiral

While most altcoins mirrored BTC's gains in recent days, the daily landscape now appears less favorable. Ethereum and Binance Coin have each witnessed a 2% decline but still maintain positions above $2,200 and $230, respectively.

Cardano, Tron, Avalanche, and DOGE have experienced similar percentage drops, while Ripple, Polygon, Chainlink, and Toncoin have each slumped by 4%.

Among the larger-cap alts, SOL has retraced the most, with a decline exceeding 6%, yet it remains slightly above $60.

On the flip side, Stacks stands tall, soaring by over 30% overnight and trading well beyond $1. CFX (23%), ORDI (17%), FLOW (15%), and KCS (15%) follow suit.

The overall crypto market cap has lost some momentum since yesterday's peak and now hovers just under $1.550 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

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