The price of Bitcoin surged to a new all-time high, nearing $74,000 after a slight dip below $72,000 just a day before. This milestone comes after a strong performance towards the end of last week when Bitcoin surpassed $70,000 for the first time on Friday. Despite a minor retracement following this peak, BTC continued to show bullish momentum over the weekend, hovering around $69,000. With the start of the new week, Bitcoin experienced another leg up, breaking above $72,000 and ultimately reaching a new ATH of $73,800.
While Bitcoin stole the spotlight with its new record, alternative coins like Solana and Binance Coin also saw significant gains. Binance Coin, in particular, surged by 7% in the past day and over 40% for the week, reaching a two-year high of over $600. Solana’s native token also hit a multi-year peak above $170, marking a 13% increase in the past day. Dogecoin experienced an 8% rise following an endorsement from Elon Musk, while other altcoins such as AVAX, ADA, DOT, and BCH also showed positive growth.
In contrast to Bitcoin and some altcoins, Ethereum struggled to maintain its momentum after surpassing $4,000. The second-largest digital asset retraced by almost 2% in the past day, currently trading just below that level. Despite this, the overall crypto market cap showed a slight increase, exceeding $2.9 trillion on CoinGecko.
Overall, the cryptocurrency market continues to demonstrate volatility and rapid price movements. While Bitcoin remains the dominant player, altcoins are also making significant strides, showcasing the diverse opportunities within the digital asset space. Investors and traders should remain vigilant and stay informed about the latest developments to navigate this dynamic market successfully.