Bitcoin sets a new peak amid rising altcoin prices. An analysis of the latest movement in the cryptocurrency market.
BTC's New Peak
After Donald Trump's victory in the 2024 elections, Bitcoin's price soared, reaching a new peak of nearly $80,000. Initially rising to $75,000 after the election results, it climbed further following a Federal Reserve rate cut to over $77,000. This week's activity led to significant inflows into spot BTC ETFs, amassing about $2.3 billion in the past three trading days.
Does it Feel Like Altseason?
Altcoins have shown remarkable price increases in recent days. Cardano and SUI have surged by over 30%, among the larger caps. Dogecoin reached a multi-year high, exceeding $0.23. Ethereum climbed to about $3,200 with a 30% weekly increase. The total crypto market cap increased by $130 billion since the last day.
Overall Crypto Market Overview
The total cryptocurrency market capitalization exceeded $2.850 trillion due to significant price increases in Bitcoin and altcoins. Bitcoin's market dominance remains above 55%.
The cryptocurrency market continues to show growth, particularly with Bitcoin's new highs and Altseason's contributor to increasing market capitalization. The dependency on political and economic events remains significant.
