In the recent trading week, Bitcoin saw a significant increase in its price, reaching its highest price tag in nearly a month at over $67,000. The cryptocurrency had retracted to just over $60,000 but managed to defend that support level over the weekend. On Monday, Bitcoin started climbing again, surpassing $63,000. Despite a brief retracement to $61,200 on Tuesday, Bitcoin soared to over $66,500 following the US CPI announcement for April. The bulls continued to push the price higher, almost reaching $67,500. Currently, Bitcoin is trading around $67,000 with a market capitalization of $1.320 trillion and a dominance over altcoins at 51.7%.
Following Bitcoin’s upward trend, many altcoins also experienced double-digit gains. Solana (SOL) surged by 17.5% to trade at over $170, and Chainlink (LINK) saw an increase of 22% reaching close to $16.5. Other top gainers for the week include Avalanche (AVAX) with a 14% increase, Bitcoin Cash (BCH) and Uniswap (UNI) with 13% gains each, Immutable X (IMX) with a 10% increase, as well as The Graph (GRT), NEAR Protocol (NEAR), and Internet Computer (ICP) with gains ranging from 9-12%.
The total cryptocurrency market cap has seen a significant increase, reaching $2.550 trillion on CoinGecko. This marks a gain of over $150 billion on a weekly scale, indicating a strong bullish sentiment in the market. While most altcoins saw positive price movements, some larger-cap altcoins like TON, Binance Coin (BNB), and TRON (TRX) experienced slight declines in value over the past seven days.
Both Bitcoin and altcoins have shown remarkable growth in price over the past week. With Bitcoin reaching new heights and altcoins following suit, the cryptocurrency market continues to demonstrate its resilience and potential for further growth. As always, investors should exercise caution and conduct thorough research before making any investment decisions in the volatile crypto market.
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