Bitcoin Spiked to a 26-Day High Above $41,000 (Market Watch)

After reclaiming $40,000 for the first time in nearly three weeks, bitcoin kept climbing and even exceeded $41,000 briefly. Most alternative coins have stalled or retraced in the past 24 hours, which has helped BTC increase its dominance over the market.

Bitcoin Sees a 26-Day High

The past several days were quite bullish for the primary cryptocurrency. It started last week with positive news coming from El Salvador, after which BTC surged from $31,000 to about $35,000, where it sat for a while.

Bitcoin kept rising in the following days by adding a few thousand dollars on a few occasions. Ultimately, this resulted in breaking above $40,000 for the first time since late May.

In the past 24 hours, the bulls stepped up their game once more and pushed the asset towards $41,375 (on Bitstamp). This became BTC’s highest price tag registered since May 21st.

Despite failing to continue north and retracing with over a thousand dollars, bitcoin is still above $40,000 as of now. Its market capitalization is well over $700 billion, while its dominance has increased to 44% as most alts have retraced slightly.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Pull Back

The alternative coins mimicked their leader with considerable gains in the past few days, but most have stalled or corrected since yesterday. Ethereum spiked above $2,600 yesterday, but a 3% decline has driven it to just over $2,500.

Binance Coin, Dogecoin, Ripple, Cardano, Uniswap, Bitcoin Cash, Litecoin, and Solana have all slid by between 2% and 4% on a 24-hour scale.

Consequently, BNB trades at $365, ADA is slightly above $1.5, DOGE struggles to maintain north of $0.3, XRP is at $0.87, DOT is threatened to break below $24, UNI is at $23, BCH sits at $625, LTC stands at $175, and SOL is just under $40.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Apart from ICP, which has dropped by 12% since yesterday, quite a few other lower- and mid-cap alternative coins have actually increased in value.

SHIBA INU leads the pack with a 25% surge to $0.000009. Chiliz follows with a 21% pump to $0.35. Amp (15%), Quant (15%), and The Graph (12%) complete the double-digit price increase club.

Ultimately, the cumulative market cap of all cryptocurrency assets has remained well above $1.7 trillion.

Source: Crypto Potato