Bitcoin surges to 9-week high as crypto market cap tops $900 billion (Market Watch)

Bitcoin has been recording new local highs since the beginning of the year, and the last one was well over $19,000 hours ago.

Most altcoins are also in the green, with Solana bouncing above $17 and LDO once again approaching $2.

Bitcoin explodes to $19,000

After the violent 2022, the new year started quite positively for the primary cryptocurrency. It started 2023 at around $16,500 and approached $17,000 by the end of the week.

Although initially halted there, BTC went on the offensive again and recaptured this level earlier this week. The asset hasn’t looked back since.

On the contrary, it continued to climb higher, leading the price to surge above $18,000 late Wednesday. It remained somewhat quiet for most of yesterday’s trading but surged above $19,000 hours ago.

With that, BTC painted its highest price since the FTX fiasco on Nov. 8 at $19,200. Despite being down a few hundred dollars since then, it’s still up 4% on the day.

Its market cap has surged to over $360 billion, while its dominance over the alts has erased all weekly losses and is back above 40%.

BTCUSD. Source: TradingView

Altcoins in the open

Much like Bitcoin, most altcoins are well in the green today. Ethereum is back above $1,400 after falling below this level yesterday. Binance Coin is near $290 after a 1.5% daily gain. Similar daily increases can be seen in Ripple, Dogecoin, and Litecoin.

Cardano, Polygon, OKB, Polkadot, and Tron are up as much as 4%. Solana and Shiba Inu added more than 5.5% of the value in one day.

Lido DAO continues its impressive performance even later. A 10% daily increase has pushed LDO back to $2.

Overall, the crypto market cap has increased by another $30 billion in the past 24 hours, climbing back above $900 billion for the first time in months.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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