Bitcoin has continued its upward trend this week, reaching a new monthly peak of $48,600. After a period of stability following last week’s volatility, the bulls took over the market and pushed the price above $47,000 by the end of the week. The weekend saw even more positive movement, with Bitcoin surging to $48,600 for the first time in roughly a month.
Not only has Bitcoin seen significant gains, but altcoins have also turned green, with the total market cap surpassing $1.8 trillion. Ethereum has climbed above $2,500, while other altcoins like BNB, SOL, XRP, DOGE, TRX, and DOT are also showing gains of around 1-2%.
Chainlink has taken the spotlight among larger-cap altcoins, soaring by 11% and trading above $20 for the first time in years. Other altcoins like BEAM and Ronin have also seen substantial gains of 23% and 14% respectively. This surge in altcoin prices has contributed to the total crypto market cap adding about $30 billion overnight, reaching a local peak of $1.810 trillion.
Overall, the cryptocurrency market is experiencing a period of bullish momentum, with Bitcoin leading the charge to new highs. Altcoins are also benefiting from this positive trend, with many seeing significant gains in value. As the market continues to evolve, it will be interesting to see how these trends progress and whether Bitcoin can maintain its current momentum in the coming weeks.