Crypto Surge: BTC Nears $40K, Altcoins Rally

Bitcoin's value embarked on another upward trajectory during the later hours of Saturday, surging to its highest point in over 18 months, reaching almost $40,000.

Among the more sizable alternative cryptocurrencies, Ethereum and Chainlink have displayed commendable performance on a daily basis, with ETH hovering above $2,150 and LINK trading at a level surpassing $16.

BTC Approaches the $40,000 Threshold

Just under a week ago, specifically on Monday and Tuesday, the primary cryptocurrency exhibited lackluster and underwhelming price movements. At that time, the asset had dipped below $37,000 on multiple occasions. However, a turnaround occurred as bullish sentiment took charge.

The bulls aggressively drove BTC northward, adding over $1,000 in a single day. Despite an initial struggle to breach the $38,000 mark and some mid-week trading below this level, the cryptocurrency launched another offensive towards the end of the week.

This time, the bullish momentum proved more resilient, propelling bitcoin to nearly $39,000 on Friday. Although Saturday began on a relatively subdued note, BTC experienced another surge in the late hours, reaching just under $40,000 on various exchanges and triggering substantial liquidations.

Currently, bitcoin is trading approximately $500 shy of the $40,000 threshold. Its market capitalization has surged beyond $770 billion, maintaining a dominance over alternative cryptocurrencies at 52%.

BTCUSD. Source: TradingView

LINK Continues its Upward Momentum, ETH Follows Suit

Chainlink emerged as the top-performing larger-cap altcoin in the previous day, surpassing $15 with a 7% daily gain. LINK has sustained its upward momentum in the past 24 hours, albeit at a more moderate pace, registering a 2.5% increase and trading above $16.

Ethereum is another noteworthy gainer among the larger caps, witnessing a 3% jump and settling above $2,150. XRP, SOL, ADA, DOGE, TON, and DOT are marginally in positive territory, while BNB, TRX, and AVAX have recorded minimal losses on a daily basis.

However, the weekly perspective reveals a different landscape. Two tokens from the Terra ecosystem, namely USTC and LUNC, have experienced triple-digit surges. USTC, in particular, has seen an astonishing surge of 272%.

Overnight, the overall cryptocurrency market capitalization has expanded by around $20 billion, reaching close to $1.5 trillion on CoinMarketCap, underscoring the sector's ongoing vibrancy.

Cryptocurrency Market Overview. Source: Quantify Crypto

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