This positive momentum has also impacted alternative coins, particularly Solana and Cardano, which have experienced more substantial gains compared to the primary cryptocurrency.
Bitcoin had maintained a relatively quiet weekend and the beginning of the week, fluctuating between $41,000 and $42,500. However, the consolidation phase ended a few hours ago when BTC surged to $43,600, according to CoinGecko’s data. Subsequently, its value slightly retraced to approximately $43,400 at the time of writing.
The market capitalization of Bitcoin briefly reached almost $860 billion before settling at its current level of $850 billion. Bitcoin’s dominance over altcoins has increased to 52.6% on a weekly scale, marking a 3% rise.
Noteworthy performances in the alternative coin market today include Solana (SOL) with a 6% increase, reclaiming the $100 target, and Cardano’s ADA, which is eyeing $0.53 with an 8% price spike.
Additionally, Sui (SUI) achieved an all-time high of $1.64 following a partnership between Banxa and SUI Wallet. Its market cap surged to $1.8 billion, securing its position as the 48th largest digital asset.
Several other major altcoins, such as Ethereum (ETH), Ripple (XRP), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), and Polygon (MATIC), also experienced positive movements, albeit to a lesser extent.
The overall cryptocurrency market capitalization has seen an increase of approximately $50 billion in the past 24 hours, reaching a total of $1.75 trillion.
