Bitcoin’s price has calmed at around the $62,000 level after a noteworthy week in which the asset soared by over ten grand.
However, the altcoins have resumed their bull run with massive gains from the likes of DOGE, SHIB, BCH, UNI, ADA, and others
Altseason Incoming?
Numerous reports emerged in the past week or so suggesting that the altcoins, which were outperformed by Bitcoin lately, could be on the verge of a price explosion, thus triggering the next altseason. This prediction has materialized over the past 24 hours, at least for some.
Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple are just some of the examples of alts charting impressive gains. In their case, the daily increases are somewhere between 6-10%.
Even more impressive price pumps come from the two largest meme coins. DOGE has soared by 20% and sits close to $0.15, while SHIB has exploded by almost 70% and trades above $0.000021.
Bitcoin Cash is another notable gainer, having added more than 25% of value. As a result, BCH now trades close to $400. UNI and ETC have also jumped by double digits from the larger-cap alts.
Thus, the alternative coins have managed to reduce BTC’s dominance over them. The metric, which has soared by 5% in days to a two-month peak of nearly 51%, is now down to under 50% on CoinGecko.
The total crypto market cap remains close to $2.5 trillion.
Bitcoin Stops at $62K
The primary cryptocurrency had a big week as well. It all started on Monday after a quiet weekend in which the asset had remained stuck at $51,000. The bulls took charge and initiated a whooping leg-up that pushed BTC north by several thousand dollars.
By Tuesday and Wednesday, Bitcoin was knocking on the $60,000 door. After a brief hiatus there, it flew past that line and soared to a 26-month high of $64,000 later on Wednesday.
This is where the cryptocurrency faced a violent rejection that drove it south by more than five grand. Nevertheless, it managed to recover most of its losses almost immediately. Since then, BTC has stalled a bit and now stands at around $62,000.
Despite the declining market dominance, BTC’s market cap has remained at well above $1.2 trillion.
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Cryptocurrency charts by TradingView.