Bitcoin’s price increases continued in the past 24 hours, with the asset soaring to a new multi-month peak at around $31,000.

The altcoins are also in the green. SOL touched $30 for the first time in months as well, while LINK and MATIC have skyrocketed by double digits.

BTC at Highest Point Since July

It was a week ago when bitcoin skyrocketed by $2,000 in hours following a false report claiming that the SEC had finally approved a spot BTC ETF. Once that was rebutted, the cryptocurrency plummeted back down to $28,000.

However, the bulls kept control of the market and gradually pushed BTC toward $29,000 during the week. Once Friday came, they drove the asset to above $30,000 for the first time in August.

After a brief retracement, bitcoin went on the offensive once again during the weekend, and especially earlier today. As reported, the asset touched $31,000 during the Monday morning Asian trading session, which became its highest price tag since mid-July.

As of now, BTC stands a few hundred dollars below that local peak. Its market cap has neared $600 billion, while its dominance over the altcoins has been reduced slightly to 51.4% on CMC.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

These Alts Have Gained the Most

Chainlink has been among the top performers lately, as mentioned yesterday, and the popular altcoin has only doubled down in the past 24 hours. LINK has jumped by another 13% since Sunday and now stands at a multi-month peak of its own at over $10.

SOL is also at a local high, having surged past $30 following a 5.5% daily increase. Polygon is the other notable double-digit gainer from the larger-cap alts. MATIC is up by 10% and trades north of $0.6.

Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, Toncoin, Polkadot, and Litecoin are also in the green, albeit in a more modest fashion.

With most mid- and lower-cap alts charting impressive gains as well, it’s no wonder that the total crypto market cap has shot up to $1.170 trillion on CMC today. This means that the metric has increased by roughly $100 billion in the past week or so.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Leave a Reply

Your email address will not be published. Required fields are marked *