Bitcoin was on a roll, reaching a new high at $30,400 recently, but it has slipped a bit and is now just below $30,000.
On the other hand, most altcoins are doing well, with LINK, APT, and AAVE standing out as today’s top performers, showing impressive double-digit price increases.
Bitcoin’s Rollercoaster Ride
Bitcoin had a wild ride on Monday when fake news about the US SEC approving a spot BTC ETF caused it to quickly go up and down by about $2,000.
But the bulls didn’t give up even after the news was revealed as fake. They kept pushing the cryptocurrency higher. It stayed above $28,000 and started moving up on Friday, eventually going above $30,000 for the first time since July.
After a short pullback, BTC made another move up on Saturday, reaching $30,400, marking a new high for the past few months.
Now, bitcoin is trading close to $30,000, and its market value is still above $580 billion. Its dominance over the altcoins has gone down a bit but is still over 51% on CoinMarketCap.
BTCUSD. Source: TradingView
Altcoins Join the Rally: Gains in the Crypto Market
During the business week, altcoins followed Bitcoin’s upward trend. On a daily basis, most of them are also seeing slight gains. Ethereum, Binance Coin, Solana, Cardano, Dogecoin, Tron, Toncoin, Polygon, and Polkadot have all seen small increases, up to 2%.
While many other mid-cap altcoins are in the green, some, like Chainlink, Aptos, and Aave, have had incredible surges. These three have all gone up by double digits, with LINK rising by 18%, APT by 14.5%, and AAVE by 14%. Thanks to these surges, the total market cap has grown by around $20 billion per day, and it’s now at $1.140 trillion on CoinMarketCap.
Cryptocurrency Market Overview. Source: Quantify Crypto
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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