Bitcoin (BTC) showcased a remarkable surge during U.S. trading hours on Monday, achieving a 6% gain and triggering record volumes in spot ETFs. After a period of relatively sideways movement, with Bitcoin hovering between $51,000 and $52,000, the market experienced a sudden and significant shift. Bitcoin’s value skyrocketed, breaking through the $57,000 mark, reaching its highest point in 26 months.
The rally kicked off on Monday morning in the U.S., with Bitcoin surpassing the $53,000 mark for the first time since November 2021. Subsequently, the cryptocurrency reached over $54,000 later in the day. Notably, during the U.S. evening and early Asia morning, Bitcoin witnessed heightened activity, surging past the $55,000, $56,000, and $57,000 levels within minutes.
The surge in Bitcoin’s value on Monday triggered substantial activity in U.S.-based spot Bitcoin ETFs, excluding Grayscale’s GBTC. According to Bloomberg, the group recorded a historic $2.4 billion in trading volume on Monday, emphasizing the heightened market interest.
As Bitcoin continues its upward trajectory, breaching significant psychological and numerical milestones, the market is witnessing heightened participation, indicating increased confidence and speculation.
BTC’s recent bull run contradicted expectations following a week of relatively quiet trading where its price ranged mostly between $51,000 and $52,000. Speculation arose that this consolidation might persist, especially as weekly inflows to spot Bitcoin ETFs showed a decline. However, the sudden surge on Monday, surpassing $53,500, marked the beginning of a substantial upward trend. The momentum continued, reaching $55,000, and during the early Tuesday morning Asian session, Bitcoin tapped $57,000 for the first time since late 2021.
The cryptocurrency’s market cap exceeded $1.1 trillion on CoinGecko, contributing to a 1.4% increase in dominance over alternative coins, now standing at 49.5%.
While Bitcoin took the lead, alternative coins, collectively known as altcoins, also saw positive movements. Ethereum continued its bullish momentum with a 7% increase, reaching $3,250. Other altcoins such as SOL and Bitcoin Cash experienced notable gains, surging by 9% and 13.5%, respectively.
Despite Bitcoin’s dominance, altcoins demonstrated strength, with many recording daily gains ranging from 5% to 12%. Notable performers include XRP, ADA, Avalanche, Polkadot, Chainlink, Polygon, and Dogecoin.
The collective surge in lower- and mid-cap altcoins contributed to an overall market cap increase of $140 billion on CoinGecko, now standing at $2.250 trillion. This significant uptick underscores the resilience and dynamism of the cryptocurrency market, with both Bitcoin and altcoins playing pivotal roles in shaping the overall landscape.
