The cryptocurrency market today is returning to green. #Bitcoin today continued to stabilize just below 62,000 USD.
Most #Altcoins also continue to perform well today. Total cryptocurrency market capitalization remains near $2.5 trillion on CoinGecko.
Bitcoin stopped at 62,000 USD
The major cryptocurrency also had a great week. It all started on Monday after a quiet weekend when BTC was at $51,000. The bulls took control and began a strong price increase that pushed BTC up by several thousand USD.
By Tuesday and Wednesday, Bitcoin was knocking on the door of $60,000. After a brief hiatus there, it broke through that threshold and spiked to a 26-month high of $64,000 on Wednesday.
This is where the cryptocurrency faced intense rejection that caused it to fall by over $5k. However, it managed to recover most of the losses almost immediately. Since then, BTC has leveled off a bit and is currently at around $62,000.
Despite its declining market dominance, BTC's market capitalization remains above $1.2 trillion.
Altcoin season is coming?
Multiple reports emerged over the past week suggesting that altcoins, which Bitcoin has recently outperformed, could be about to explode in price, thus triggering the next altcoin season. This prediction has come true in the past 24 hours, at least for some people.
Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple are just some examples of altcoins charting impressive gains. In their case, the daily increase was between 6-10%.
Even more impressive price increases came from the two largest meme coins. DOGE has surged 20% and reached nearly $0.15, while SHIB has exploded nearly 70% and trades above $0.000021.
Bitcoin Cash is another notable gainer, having added more than 25% in value. As a result, BCH is now trading at nearly $400. UNI and ETC have also seen double-digit gains compared to larger-cap groups.
As a result, alternative coins have sought to reduce BTC's dominance over them. The metric rose 5% in a matter of days to a two-month high of nearly 51%, now falling below 50% on CoinGecko.
