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Bitcoin Jumps to Monthly Peak Above $48K, Chainlink Explodes 11% to $20 (Weekend Watch)

Summary:
Bitcoin continues its weekly run, and it jumped to a new monthly peak at ,600 hours ago. The altcoins have also turned green one more time, and the total market cap has reclaimed the coveted .8 trillion level. BTC’s Run Continues The primary cryptocurrency was trading sideways for much of the previous ten days. The asset had calmed after last week’s volatility and remained in a tight range at around ,000 until Wednesday evening. This is when the bulls gained control over the market and initiated a few consecutive leg-ups. At first, BTC jumped to ,000, but that was just the beginning. The bulls kept the pressure on, and the cryptocurrency saw its price climb above ,000 by the end of the business week. Although most recent weekends have been quite sluggish,

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Bitcoin continues its weekly run, and it jumped to a new monthly peak at $48,600 hours ago.

The altcoins have also turned green one more time, and the total market cap has reclaimed the coveted $1.8 trillion level.

BTC’s Run Continues

The primary cryptocurrency was trading sideways for much of the previous ten days. The asset had calmed after last week’s volatility and remained in a tight range at around $43,000 until Wednesday evening.

This is when the bulls gained control over the market and initiated a few consecutive leg-ups. At first, BTC jumped to $45,000, but that was just the beginning. The bulls kept the pressure on, and the cryptocurrency saw its price climb above $47,000 by the end of the business week.

Although most recent weekends have been quite sluggish, this one resulted in more positive price movements. Bitcoin tried to take down $48,000 yesterday, and despite failing at first, it kept pushing and did so earlier today.

In fact, BTC skyrocketed to $48,600 for the first time in roughly a month – since the day that all SEC-approved ETFs went live for trading in the States.

This means that its market capitalization has neared $950 billion, while its dominance over the altcoins is above 52% again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK Shoots Up

Most altcoins are also in the green on a daily scale, as they have been in the past few days. Ethereum is up by another percentage and has decisively reclaimed the $2,500 level. BNB, SOL, XRP, DOGE, TRX, and DOT are with similar gains of around 1-2%.

Cardano has added 4% of value, while AVAX and BC are up by 5% and 8%, respectively. Chainlink has taken the main stage from the larger-cap alts. LINK has soared by 11% and trades above $20 for the first time in years.

Even more substantial gains come from the likes of BEAM (23%) and Ronin (14%). As such, the total crypto market cap has added about $30 billion once again overnight and stands at a local peak of $1.810 trillion on CMC.

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

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