Altcoins
These are the best performing Altcoins as Bitcoin (BTC) hits 12-day high (market watch)
After last week’s massacre that pushed bitcoin to its lowest level in several months, attempts to recover the asset continue in full force, as it surged above $65,000 for the first time since April 24.
Several altcoins produced even more impressive gains over the past day, with TON, SOL and AVAX standing out among the largest caps.
BTC exceeds $65,000
It was less than a week ago, in early May, when the leading cryptocurrency was in a sharp decline and fell to a two-month low of $56,500. This came amid growing ETF outflows and fears about what the Fed might do at its FOMC meeting.
The central bank’s decision not to deviate from its current monetary policy led to immediate volatility, but it wasn’t until last Friday that BTC actually recovered some ground and surged to just under $60,000 .
Another raise your leg followed later in the day and over the weekend, bringing bitcoin to $64,000. It was a bit precarious there this morning, but bulls stepped on the gas pedal and pushed the cryptocurrency to a 12-day high of nearly $65,500.
This means that its market capitalization has approached $1.3 trillion, while its dominance over alts stands at 50.5%.
Bitcoin/Price/Chart. 06.05.2024. Source: TradingView
Alts in green
Although BTC maintained its dominance over alts, many of them outperformed the largest cryptocurrency. The most notable examples of larger cap alts come from SOL (6%), TON (9%), and AVAX (7%).
Ethereum is up 3% and has surpassed $3,200, while BNB has touched $600 after a similar increase. XRP, DOGE, ADA, SHIB and BCH are also in the green compared to larger cap alts.
Even more impressive gains come from LINK, NEAR, MATIC, HBAR, IXP, APT, RNDR and others.
The total crypto market cap has soared to $2.550 billion on CG, meaning it has increased by almost $100 billion since yesterday.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.