The cryptocurrency market is experiencing a robust surge, led by Bitcoin‘s remarkable rise. This upward trend, which started with Bitcoin’s increase, has now expanded to encompass Meme coins and AI coins, engulfing the entire market. Bitcoin, after peaking at $69,900, underwent a considerable decline but is currently stabilizing at around $68,000 with an ongoing upward trajectory. A fresh all-time high (ATH) has been recently recorded.
Record-Breaking Performance by Bitcoin
Bitcoin has recently made history in the spot market by breaking the $70,000 barrier and achieving a new ATH of $70,725. This milestone comes after Bitcoin’s price saw a significant drop from its 2021 ATH of $69,000 to lows of $15,000 in 2023, followed by a steady recovery. With the halving approaching, investors are speculating on the potential for Bitcoin’s price to hit the $100,000 mark and are keen to see how much further it can climb.
Effects on Altcoins After Bitcoin’s Surge
The focus on Bitcoin’s ATH has shifted some attention to altcoins. Ethereum, which had earlier dipped into negative figures, managed to rebound and is now trading with slight gains. Currently, Ethereum’s price hovers at $3,956, with market watchers anticipating a breach of the $4,000 threshold. However, the Bitcoin rally has not had a significant impact on most of the market. Major coins like SOL, XRP, ADA, as well as popular ones such as DOGE and SHIB are still trading negatively, despite minor recovery signs.
BNB is an exception, with its price in positive territory, earlier noting a 5% increase prior to the surge. Market dynamics suggest that if Bitcoin maintains current levels, there could be a subsequent uplift in altcoin prices in the near future.