After failing below $17,000 for weeks, Bitcoin finally embarked on an impressive run that took it well above that line.
Alternative coins have also posted notable gains for the day, led by Cardano, Solana, ApeCoin, and ATOM.
Bitcoin back above $17,000
The start of the year brought something positive for BTC bulls as the asset surpassed $16,500 and added a few hundred dollars in the first few days. The trend continued until it faced $17,000 on Wednesday and Friday. Both attempts were followed by rejections that pushed bitcoin south.
The weekend was quieter as BTC gained some ground and was inches away from $17,000. The bulls finally have something to celebrate as of now, as Bitcoin broke above this coveted level hours ago.
The uptrend took the cryptocurrency to a four-week high just above $17,250. This has propelled BTC’s market cap to a local high of over $330 billion.
However, Bitcoin’s dominance over altcoins has taken a major hit, falling to 39.1% as most of them have outperformed it over the past 24 hours.
SOL, ADA shoot up
With a few exceptions, the alternative coins have also stagnated in an untypical manner in the past few weeks. Today, however, the landscape looks very different.
The two large-cap alternatives at the top of the market run are Solana and Cardano. The former has performed fairly well since the start of the year, and a 21% surge in the last 24 hours alone has taken it to a local high of over $16.
Cardano, on the other hand, is up 17% to hit a two-month high above $0.34 hours ago.
A 4% surge has helped Ethereum reclaim $1,300 for the first time in several weeks. Binance Coin is up 6% and is north of $275. Ripple, Dogecoin, Polygon, OKB, Litecoin, Polkadot and Shiba Inu are also clearly in the green.
While the rest of the low and mid-cap alternatives are posting impressive gains, the cumulative market cap of all crypto assets has increased by $20 billion in one day and is as high as $850 billion.
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