Bitcoin Soars Past $59K, PEPE Skyrockets 40% Daily (Market Watch)

2 months ago 21

The bull market sentiment continues in full force in the cryptocurrency space as Bitcoin’s price jump has taken the asset to another multi-year peak of over $59,000.

Many altcoins, such as XRP, DOGE, and SHIB, have also posted impressive gains of around 6-7%.

BTC to Take Down $60K Next?

The primary cryptocurrency has been on a wild ride in the past several weeks that only intensified since the start of the current one. It had stalled at around $51,000 after a few rejections during the weekend at $52,000, but that was all to change on Monday.

The bull first took it to over $53,000 in an impressive leg-up, but they kept the momentum going, and BTC saw itself surging above $57,000 by Tuesday morning. The rest of the day was less volatile, but the cryptocurrency still remained north of that line.

After about 24 hours of trading sideways, Bitcoin went on the offensive once again minutes ago. This time, the bulls drove it to and beyond $59,000 for the first time since late 2021, as the profit ratio has gone parabolic.

As of now, BTC trades at around $59,500, with the coveted $60,000 level in sight. Its market capitalization has soared to well above $1.160 trillion on CoinGecko, and its dominance over the altcoins has increased to over 50%.

SHIB, DOGE, XRP Lead the Alt Race

Many altcoins have followed BTC on the way up, led by Ripple, Dogecoin, and Shiba Inu. All three of these assets have added between 6-8% of value in a day. As a result, XRP trades close to $0.6, DOGE is at $0.1, and SHIB sits above $0.000011.

Ethereum has reclaimed the $3,300 level after a 3% increase as well. BNB stands north of $400, while ADA, AVA, TRX, DOT, and LINK are also in the green.

PEPE and Arweave are the top performers from the larger-cap alts. Both assets have soared by around 40% to $0.05 and $23, respectively.

The total crypto market cap has risen by 4.2% on CoinGecko to well beyond $2.3 trillion.