Bitcoin is up around $2,000 over the past few years, hitting its highest price position since mid-September.
The altcoins are also doing well in the green, with some, like SOL and OKB, seeing massive double-digit price increases.
Bitcoin sees 18-week high
Bitcoin’s recent surge came amid five bullish on-chain factors provided by CryptoQuant earlier this week. The asset had calmed down after touching $21,600 and retreated to just under $21,000.
The bulls had a battle that lasted a few days, seems won at least for now as BTC endured one of the most impressive overnight price rises in a while. It went from under $21,000 to within inches of $23,000.
Although it has still not been able to reach that level until now, touching $22,800 is the highest price Bitcoin has seen in 18 weeks. As might be expected, this price surge caused millions of dollars in losses to over-leveraged traders, mostly from short positions.
The price pump has helped push BTC’s market cap to nearly $440 billion. The dominance over the altcoins is also increasing and is up to 42%.
APT, SOL, OKB Skyrocket
Although BTC’s market dominance is increasing, several altcoins are actually outperforming the largest digital asset on a daily basis. Among these, the native token of Aptos has taken the main stage with a stunning 57% surge. As a result, APT has marked a multi-month high above $12.
The next larger cap altcoins are Solana, OKB, MANA, SAND, ICP, VET, HBAR, NEAR, and ATOM. All of these have skyrocketed by 10% to 20% overnight.
Ethereum sits at $1,650 after a 6.5% surge. Binance Coin has reclaimed $300 after a 5.5% jump.
All of these price jumps have helped push the crypto market cap past $1 trillion on CoinMarketCap as well.
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Cryptocurrency charts by TradingView.