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Bitcoin Surges to Almost $29,000
Bitcoin has been stuck in a period of inactivity, trading sideways for several days with no significant action to report. However, the cryptocurrency has finally made a move and surged to almost $29,000.
Last week, Bitcoin experienced massive price declines that sent it from over $30,000 to $27,000 in just a few days. It failed to make any significant moves up and remained relatively stagnant, reaching a monthly low of $27,000 yesterday.
However, growing banking troubles in the US, this time with First Republic, have helped the cryptocurrency regain some value. Bitcoin bulls have driven the asset higher by almost $2,000, bringing it inches away from $29,000.
At over 5% up on the day, Bitcoin’s market capitalization has propelled well above $550 billion. It’s worth noting that the metric had declined to under $530 billion just yesterday. Additionally, Bitcoin’s market dominance has shot up by over half a percent in a day and is now above 46.5% on CMC.
Altcoins Turn Green
After a few days of struggling, altcoins are finally seeing some green. Ethereum came close to breaking below $1,800 but has jumped by over 3% in a day and is currently trading near $1,900. Regardless, ETH is still down more than $200 since its 11-month peak earlier this month.
Binance Coin has increased by a similar percentage and trades close to $340. Ripple, Dogecoin, Polygon, Polkadot, Litecoin, and Shiba Inu are also well in the green.
In the top 10 altcoins, Solana and Cardano have seen the most significant gains, with just over 5% each. ICP, HBAR, NEAR, ARB, and GRT have also seen gains. CRO experienced the most significant surge among the top 50 altcoins, rising 13% following a partnership with Amazon Cloud.
Radix(XRB) is soaring with a 22% increase in the last 24 hours alone.
Total Crypto Market Cap Hits Almost $1.2 Trillion
The total crypto market cap has surged by $40 billion in one day and is now almost $1.2 trillion.
