It feels like a bull cycle once again as bitcoin’s price continues to chart new all-time highs almost daily, with the latest coming hours ago at just shy of $80,000.
The altseason seems to be kicking off as well, with multiple alternative coins registering double-digit price surges over the past day.
BTC’s New and Latest Peak
It’s safe to say that the cryptocurrency landscape has become entirely different after Donald Trump’s win in the 2024 US presidential elections. Recall that BTC struggled at $67,000 on Monday but soon skyrocketed to $75,000 after his victory became official and has only doubled down since then.
The US Fed’s rate cut on Thursday sent the asset flying once again, this time to roughly $77,000. Bitcoin calmed on Saturday but went back on the offensive earlier today. This time, it shot up above $79,000 and peaked just shy of $80,000. This came amid a week of massive inflows toward the spot BTC ETFs, as the products attracted roughly $2.3 billion in the last three trading days.
With its current price tag of around $79,500, bitcoin’s market cap has surged past $1.570 trillion. Its dominance over the alts has been reduced lately given their spectacular performance, but it is still above 55% on CG.
Does it Feel Like Altseason?
The altcoins trailed behind BTC on Wednesday but have performed quite mind-bogglingly in the past few days. Looking at the last 24 hours alone paints a beautiful green picture.
Cardano and SUI have emerged as the top performers from the larger caps, having surged by over 30% each. ADA’s reasoning is quite interesting as it involves IOG’s founder, Charles Hoskinson, and the upcoming Trump administration.
Dogecoin tapped a multi-year peak of its own above $0.23 after it more than doubled its price tag in a month. Ethereum sits close to $3,200 after surging by 30% in the past week. SHIB has gained more than 17% in a day, while the double-digit price increase club is also joined by BCH, DOT, CRO, APT, KAS, and many others.
The total crypto market cap is up by about $130 billion since yesterday and sits above $2.850 trillion on CG.
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