Bitcoin’s recent price ascent has propelled the asset to a new multi-month peak of over $104,000, where it faced some resistance and currently sits above $103,000. This upward movement is complemented by impressive gains in various altcoins, with ETH solidly positioned above $2,300, while DOGE has soared past $0.21.
BTC’s Impressive Week
Reflecting on May 6, we observe that BTC’s price was recently rejected at $98,000, leading to a decline below $94,000. While a $4,000 drop may seem significant, a broader perspective reveals that Bitcoin has still gained approximately $20,000 since its early April lows. This demonstrates impressive resilience and strength in the market.
However, BTC was far from finished. The cryptocurrency swiftly rebounded from its support line, taking only a day to soar past the coveted $100,000 mark. This marked a return to the six-digit price territory for the first time in over three months, showcasing its remarkable recovery.
Continuing its upward trajectory, Bitcoin exploded on Friday, reaching its highest price since late January of over $104,000. Although it encountered some resistance at this level and briefly retreated, it has managed to stabilize well above $103,000 — reflecting a 7% increase over the week and a robust 26% pump for the month.
Furthermore, Bitcoin’s market capitalization has surged to $2.050 trillion, although its dominance over alternative cryptocurrencies has slightly diminished to 60.5%, as numerous altcoins have seen significant price increases.
Alts With Big Gains
The altcoin market has similarly capitalized on Bitcoin’s momentum, with many projects experiencing substantial gains. Ethereum (ETH) has become one of the front-runners, rising by another 6% to reach $2,350, where it encounters crucial resistance levels.
Other notable performers include Binance Coin, Solana, Avalanche, and Shiba Inu, all showcasing significant upward movement. DOGE’s over 12% increase places it above $0.21, marking a notable recovery.
Meme coins, in particular, have made headlines with remarkable price increases, with PEPE and FARTCOIN leading the charge with impressive double-digit gains.
As a result, the total cryptocurrency market capitalization has surged to $3.4 trillion, reflecting an approximate $400 billion increase since May 6, highlighting the acceleration in market activity and investor interest.
