Bitcoin Skyrockets to 19-Month Peak but These Alts Have Performed Better (Market Watch)

After slipping below $38,000 yesterday, bitcoin’s price went on the offensive once again in the past 24 hours and just now shot up to its highest price tag since the start of May 2022.

Most altcoins have also turned green, with Avalanche and Polkadot being the top performers from the larger-cap ones.

BTC Sees 19-Month High

After the relatively calm weekend, bitcoin dipped on Monday and Tuesday but reversed its price trajectory by the middle of the business week and jumped above $38,000 on a few occasions. However, it failed to maintain its run and slipped below that level almost immediately, as reported yesterday.

Nevertheless, the bulls reminded of their presence in the past 24 hours and helped BTC resume its run by climbing above $38,000.

The landscape took another turn for the better minutes ago as bitcoin managed to add several hundred dollars more. As a result, the cryptocurrency rose to $38,700, thus marking its highest price tag since May 4 last year.

This means that BTC’s market cap has gone on a tear as well, and the metric stands well above $750 billion as of now. Its dominance over the alts, though, has retraced slightly to 51.9% on CMC.

AVAX, DOT on the Rise

Most altcoins have also charted notable gains over the past 24 hours. Ethereum, for example, is up by more than 3% and trades inches above $2,100. Solana and Dogecoin have increased by similar percentages to sit at $61 and $0.084, respectively.

The most significant gainers from the larger-cap alts are Avalanche and Polkadot. AVAX has jumped by 7% and trades above $22, while DOT is up by 6% and sits close to $5.5.

More gains from the mid-cap alts come from the likes of ICP, IMX, and LDO.

The total crypto market cap has increased by around $30 billion overnight

and stands above $1.450 trillion.

Source