Crypto Surge: BTC Eyes $38K, ALTs Gain Momentum

Bitcoin continues its lateral movement, but there are early indications of a potential surge toward the $38,000 threshold.

Simultaneously, the majority of alternative coins show slight gains, with ETH, the largest among them, breaching the $2,100 mark for the first time in over a week.

Potential Challenge for BTC at $38K?

This week witnessed increased market volatility due to the Binance settlement with the US DOJ, causing the crypto giant losses exceeding $4 billion. BTC experienced fluctuations from over $37,000 to $36,200, rebounded above $37,000, and then dipped to a weekly low of under $35,800 within hours.

However, as the dust settled, bullish momentum emerged, propelling bitcoin northward. Despite coming close to the $38,000 mark, as seen in previous attempts, it fell short once again.

Nevertheless, the asset has maintained levels above $37,000 for the past day. Presently, with a new surge initiated by the bulls, BTC hovers just below the $38,000 threshold.

Its market capitalization has surged to nearly $740 billion, with a dominant market share of 51.4% on CMC.

BTCUSD. Source: TradingView

BLUR Takes Center Stage

Blur's native token has experienced substantial growth in the past week, gaining over 80% in value. The surge in the last 24 hours, possibly influenced by a Binance listing, has exceeded 25%.

Other top performers in daily gains include Mina (12%), Gas (10%), FET (10%), and Sui (10%).

While most higher-market-cap altcoins also show gains, Ethereum registers a modest 1% daily increase, reaching $2,100 for the first time since the BlackRock spot ETH news broke.

XRP, ADA, DOGE, TRX, Toncoin, LINK, AVAX, MATIC, DOT, and even BNB have all recorded minor daily gains.

The overall cryptocurrency market cap has risen by approximately $15-20 billion in a day, reaching $1.430 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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