After several days of BTC trading flat around $51,000 and $52,000, Bitcoin price surged overnight and earlier today hitting a new 26-month high above $57,000.
Alternative cryptocurrencies have also turned green, with SOL successfully surging past $110 and BCH prices exploding to $300.
The major cryptocurrency experienced a quiet seven-day period last week when its main price hovered around $52,000, apart from a few brief spikes towards $53,000 and some pullbacks towards the $51,000 level.
There are also signs that this correction may continue as weekly inflows into spot Bitcoin ETFs decline. However, that did not happen and prompted excitement in the market. The asset started a surprise move overnight as it surged past the $53,500 trading level. Early this morning, the crypto market surged further than expected and touched the $57,000 trading level for the first time since late 2021.
At the time of writing, the BTC crypto asset remains above that level, with its market capitalization having soared past $1.1 trillion. BTC's dominance over altcoins, which has been diminishing recently, has now increased by 1.4% to 49.5%. Although most alternative cryptocurrencies have remained below BTC in terms of daily gains, as can be seen with the increasing dominance of Bitcoin.
Ethereum continued its surge with a 7% increase pushing the price level to $3,250. SOL has regained the $110 level after a 9% daily surge. XRP, ADA, Avalanche, Polkadot, Chainlink, and Polygon on the other hand jumped by 5-8%. Dogecoin has been in the spotlight with a massive 12% jump to almost $0.1.
With most of the alternative cryptocurrencies in the low and medium market cap category trading in the green, the overall crypto market cap has jumped by $140 billion on CoinGecko to $2.250 trillion today.