Bitcoin Spikes to $52K: Highest Since Mid-May (Market Watch)

After dipping below $50,000 once more on Sunday, bitcoin has gone on a tear again and surged to a new multi-month high above $52,000. Some altcoins are also well in the green, with Binance Coin trading above $500 and Chainlink spiking 15%.

Bitcoin Touched $52K

The past few days were going well for BTC as the asset had recovered from the mid-week price drops below $47,000. In fact, it challenged $50,000 a few times, and after the last one, it even went to a high of $51,000.

This price surge was relatively short-lived as the bears didn’t allow it to continue forwards. In the next few days, bitcoin dropped below the coveted $50,000 mark and went down to just over $49,000.

However, the situation changed once more in the past 24 hours. In a matter of hours, BTC gained roughly $2,000 of value. This resulted in briefly exceeding $52,000, which became the new highest price point since the mid-May correction.

Despite retracing with a few hundred dollars since then, bitcoin’s market capitalization sits near $1 trillion, while the dominance over the altcoins is still at 41.5%.

Thanks for subscribing, you will get your first report in the next hours!

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Green; BNB Above $500

Most alternative coins also took a day off on Sunday, displaying an untypical lack of volatility. In the past 24 hours, though, the landscape seems quite different.

Ethereum has added 2% of value and is close to $4,000 once more. Binance Coin has taken another swing at $500 with a 1.5% increase. As of now, BNB stands just north of that level.

Even more gains come from Ripple (5.5%), Solana (4%), Dogecoin (3.6%), Polkadot (6%), Uniswap (4%), Litecoin (6%), and Bitcoin Cash (10%). Chainlink is the most impressive performer from the larger cap alts with a 14% surge to $35.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower- and mid-cap alts, Quant has increased the most – 42% in a day to $340. Filecoin (22%), OMG Network (22%), FTX Token (15%), Perpetual Protocol (15%), and Algorand (14%) are next.

By adding around $80 billion in a day, the crypto market cap has also seen a multi-month record at $2.350 trillion.


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
Bitcoin (BTC) $ 43,858.75 5.01%
Ethereum (ETH) $ 2,285.13 2.63%
Litecoin (LTC) $ 73.59 1.76%
Bitcoin Cash (BCH) $ 248.52 1.21%