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Bitcoin Spiked to a 26-Day High Above $41,000 (Market Watch)

Summary:
After reclaiming ,000 for the first time in nearly three weeks, bitcoin kept climbing and even exceeded ,000 briefly. Most alternative coins have stalled or retraced in the past 24 hours, which has helped BTC increase its dominance over the market. Bitcoin Sees a 26-Day High The past several days were quite bullish for the primary cryptocurrency. It started last week with positive news coming from El Salvador, after which BTC surged from ,000 to about ,000, where it sat for a while. Bitcoin kept rising in the following days by adding a few thousand dollars on a few occasions. Ultimately, this resulted in breaking above ,000 for the first time since late May. In the past 24 hours, the bulls stepped up their game once more and pushed the asset towards ,375

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After reclaiming $40,000 for the first time in nearly three weeks, bitcoin kept climbing and even exceeded $41,000 briefly. Most alternative coins have stalled or retraced in the past 24 hours, which has helped BTC increase its dominance over the market.

Bitcoin Sees a 26-Day High

The past several days were quite bullish for the primary cryptocurrency. It started last week with positive news coming from El Salvador, after which BTC surged from $31,000 to about $35,000, where it sat for a while.

Bitcoin kept rising in the following days by adding a few thousand dollars on a few occasions. Ultimately, this resulted in breaking above $40,000 for the first time since late May.

In the past 24 hours, the bulls stepped up their game once more and pushed the asset towards $41,375 (on Bitstamp). This became BTC’s highest price tag registered since May 21st.

Despite failing to continue north and retracing with over a thousand dollars, bitcoin is still above $40,000 as of now. Its market capitalization is well over $700 billion, while its dominance has increased to 44% as most alts have retraced slightly.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Pull Back

The alternative coins mimicked their leader with considerable gains in the past few days, but most have stalled or corrected since yesterday. Ethereum spiked above $2,600 yesterday, but a 3% decline has driven it to just over $2,500.

Binance Coin, Dogecoin, Ripple, Cardano, Uniswap, Bitcoin Cash, Litecoin, and Solana have all slid by between 2% and 4% on a 24-hour scale.

Consequently, BNB trades at $365, ADA is slightly above $1.5, DOGE struggles to maintain north of $0.3, XRP is at $0.87, DOT is threatened to break below $24, UNI is at $23, BCH sits at $625, LTC stands at $175, and SOL is just under $40.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Apart from ICP, which has dropped by 12% since yesterday, quite a few other lower- and mid-cap alternative coins have actually increased in value.

SHIBA INU leads the pack with a 25% surge to $0.000009. Chiliz follows with a 21% pump to $0.35. Amp (15%), Quant (15%), and The Graph (12%) complete the double-digit price increase club.

Ultimately, the cumulative market cap of all cryptocurrency assets has remained well above $1.7 trillion.

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