Bitcoin’s recent upsurge continues to garner attention as the cryptocurrency surged to $116,800, marking its highest point in nearly three weeks. This positive momentum has not only benefitted Bitcoin but has also significantly impacted several altcoins, especially those within the meme coin sector, which have seen remarkable double-digit gains.
The leading cryptocurrency began the week with a retracement, dropping briefly to $110,000. However, Bitcoin quickly rebounded, showing resilience as it recovered steadily on Monday and Tuesday. Although it faced resistance at $113,200 on Tuesday and dipped to $110,800, bullish momentum prevailed, launching the asset into a rally.
By Thursday, following the release of US Consumer Price Index (CPI) data, Bitcoin climbed to $114,000. The volatility surrounding the announcement saw the price fluctuate before bullish investors pushed it up further. On Friday morning, Bitcoin reached $116,400 for the first time since late August. After a slight correction, it continued its ascent, eventually peaking at $116,800 before stabilizing around the $116,000 mark.
This surge has allowed Bitcoin’s market capitalization to reclaim the coveted $2.3 trillion level, although its dominance over altcoins has dipped to 55.2%, hinting at a budding altseason.
The notable decrease in Bitcoin’s dominance coincides with impressive performances from various altcoins, particularly in the meme coin category. Dogecoin (DOGE) surged over 12% in just 24 hours, nearing the $0.30 threshold, while PEPE made headlines with an 18% increase. Shiba Inu (SHIB) also rose by 8.5%. Moreover, other cryptocurrencies like ADA, LINK, AVAX, ETH, XRP, BNB, and SUI have contributed to the growing altcoin market, indicating broad market enthusiasm.
Overall, the total cryptocurrency market capitalization saw a significant overnight increase, soaring by over $80 billion to reach $4.180 trillion, reflecting the robust performance across various sectors in the cryptocurrency space.
