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%.

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.