Cryptocurrency News – Bitcoin Cash broke above $320 earlier today for the first time since April 2022.
Several altcoins have experienced a massive rally over the past 24 hours, as BTC headed towards $31,000 and even briefly surpassed that level.
Bitcoin Cash was the most notable performer, surging above $300 for the first time in over a year, surging over 30% on a daily basis.
The rise of BCH
Altcoins entered a period of pause before starting a major increase a few days ago. But today, the landscape was quite different for many altcoins.
ETH, BNB, XRP and TRX traded relatively calmly, gaining up to 3%, while ADA, DOGE and DOT gained up to 5%.
However, SOL and LTC stood out with impressive daily increases of 15%. As a result, SOL rose as high as $19, while LTC is still trading near $100.
Additionally, Bitcoin Cash stole the show with a massive 33% increase to $305. Moreover, BCH recorded its highest price level in 14 months, reaching as high as $320 earlier today.
ETC also reclaimed $20, rising by a double-digit percentage (13%).
Most other altcoins also surged, helping the total crypto market cap surpass $30 billion on a daily basis and approach $1.2 trillion in CMC.
BTC tries $31,000 again
Bitcoin's most impressive price increase in the last few months occurred 10 days ago, when the asset rose from $26,500 to over $30,000. It rose as high as $31,500 over the next few days, but did not succeed and has remained relatively stable in the $30,000 to $31,000 range since then.
However, it briefly fell below $30,000 yesterday. This situation was short-lived and the bulls regained control. The cryptocurrency rose as high as $31,250 on Bitstamp earlier today, but failed to sustain its rise.
As of now, Bitcoin is trading near $31,000 and rising altcoins have reduced some of its dominance over the market. However, the metric is still above 50% in CMC.
