Bitcoin‘s price witnessed an incredible surge last week, reaching the $64,000 level after a remarkable period. It then slightly retreated and started trading around the $62,000 level after regaining some ground. On the other hand, altcoins such as DOGE, SHIB, BCH, UNI, ADA, and others continued their bull run, buoyed by substantial gains.
Is It Altcoin Season?
In the past week, there has been speculation that altcoins, which have recently outperformed Bitcoin, could face a potential price explosion and trigger the next altcoin surge. This prediction has come true for some of the mentioned altcoins in the last 24 hours.
Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple are just a few altcoins that have experienced notable increases. The rise in these example altcoins ranged between 6% and 10%.
Even more impressive price surges have occurred in the two largest meme coins. DOGE rose by 20% towards the $0.15 level, while SHIB saw a 70% increase, climbing above $0.000021.
Bitcoin Cash also enjoyed an increase of more than 25% in value, pleasing its investors. Following the price surge, BCH continues to trade close to the $400 level at the time of writing. During this period, UNI and ETC also stood out in the crypto world with their gains.
Thus, alternative coins have managed to reduce BTC‘s dominance over them. Over a few days, there was a 5% increase, and the metric, which reached a two-month peak of 51%, has now fallen below 50% according to CoinGecko data. The total value of the cryptocurrency market is currently at the $2.5 trillion level.
Bitcoin Stabilizes at $62,000
Bitcoin went through an incredible week of price movements. The whole event started after a quiet weekend where the price was stuck at $51,000 on Monday. From that moment, the bulls took control and propelled BTC into an upward trajectory, causing the price to surge by thousands of dollars.
By Tuesday and Wednesday, Bitcoin was just below the $60,000 level. The price soon surpassed this level and on Wednesday moved to the highest point in the last 26 months, reaching $64,000.
Immediately after touching the $64,000 level, the price entered a period that brought it down by $5,000 within minutes. However, in the following minutes, most of the losses were nearly recovered. Since that day, BTC’s price movement has calmed down somewhat and is trading at $62,000 at the time of writing.
