Double-Digit Price Increases of These Altcoins While Bitcoin (BTC) Aims for $80K (Weekend Watch)
It feels like a bull cycle once again, as the price of bitcoin continues to reach new all-time highs almost daily, with the last one just a few hours ago just below $80,000.
The altcoin season seems to be starting as well, with multiple alternative coins recording double-digit price increases in the last day.
The New and Latest BTC Peak
It is safe to say that the cryptocurrency landscape has become completely different after Donald Trump's victory in the 2024 U.S. presidential elections. Remember that BTC struggled at $67,000 on Monday, but soon skyrocketed to $75,000 after his victory was made official and has only doubled since then.
The U.S. Federal Reserve's rate cut on Thursday made the asset soar once again, this time to approximately $77,000. Bitcoin calmed down on Saturday, but returned to the offensive earlier today. This time, it surged above $79,000 and reached a peak just below $80,000. This occurred amid a week of huge inflows into spot BTC ETFs, as the products attracted approximately $2.3 billion in the last three trading days.
With its current price of around $79,500, bitcoin's market capitalization has surpassed $1.570 trillion. Its dominance over altcoins has decreased lately given its spectacular performance, but it still remains above 55% in CG.
Bitcoin/Price/Chart 10.11.2024. Source: TradingView Does It Feel Like Altcoin Season?
Altcoins lagged behind BTC on Wednesday, but have performed really surprisingly in recent days. Looking only at the last 24 hours, a beautiful green picture is painted.
Cardano and SUI have emerged as the top performers among large caps, each having increased more than 30%. The reason for ADA is quite interesting as it involves IOG founder Charles Hoskinson and the upcoming Trump administration.
Dogecoin reached a multi-year peak above $0.23 after more than doubling its price in a month. Ethereum is near $3,200 after increasing by 30% in the last week. SHIB has gained more than 17% in a day, while the double-digit price increase club also includes BCH, DOT, CRO, APT, KAS, and many others.
The total market capitalization of cryptocurrencies has increased by approximately $130 billion since yesterday and stands above $2.850 trillion in CG.