Bitcoin experienced a highly positive trading week, with its price skyrocketing to over $67,000 – the highest it has been in almost a month. The digital asset retraced slightly to just over $60,000 last Friday before bouncing back and climbing to $63,000 on Monday. Despite a brief dip to $61,200 on Tuesday, Bitcoin saw a significant surge to over $66,500 following the US CPI announcement for April. The bulls continued to push the price up, reaching almost $67,500 before a slight retracement. As of now, Bitcoin continues to trade around $67,000 with a market capitalization of $1.320 trillion and dominance over altcoins at 51.7%.
Altcoins Follow Bitcoin’s Lead
Following Bitcoin’s impressive performance, altcoins such as SOL, AVAX, BCH, and LINK also registered double-digit gains. SOL soared by 17.5% to trade at over $170, while LINK saw a 22% increase to reach close to $16.5. Other altcoins that made significant gains include Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%). However, not all altcoins shared in the positive trend, with TON experiencing a decline of over 9% in the past seven days. BNB and TRX also saw a slight decrease in value.
Overall Market Performance
The total crypto market cap saw a significant increase to $2.550 trillion on CG, marking a gain of over $150 billion on a weekly scale. While the past 24 hours were relatively quiet in terms of price movements, the overall trend for the week showcased impressive growth across the cryptocurrency market. Bitcoin’s surge to new heights set the tone for altcoins to follow, resulting in an overall positive sentiment in the market.
The past week’s performance of Bitcoin and altcoins demonstrates the resilience and potential of the cryptocurrency market. Despite some minor retracements and fluctuations, the overall trend remains bullish, with investors showing renewed confidence in the digital asset space. As market dynamics continue to evolve, it will be interesting to see how Bitcoin and altcoins fare in the coming weeks and months.