Once again, the crypto market demonstrates resilience as its total market capitalization surpasses the formidable threshold of $2.4 trillion.
Bitcoin, the flagship cryptocurrency, exhibited remarkable stability over the weekend, maintaining its position around the $61,000 mark with only marginal fluctuations. However, the digital asset surprised investors with a sudden surge on Monday morning, reaching a multi-day peak of nearly $63,000.
Amidst a backdrop of weekend stagnation, altcoins have also pivoted towards bullish territory, with notable performances from tokens such as TON and SHIB leading the market charge.
BTC Sets Its Sights on $63K
Reflecting on recent price movements, last Monday saw Bitcoin soar to a 12-day high of $65,500, only to encounter resistance that prompted a resurgence of bearish sentiment. Subsequently, BTC experienced a moderate decline, retreating to $60,800 by the latter part of the week.
Despite a brief resurgence to $64,000 on Friday, Bitcoin once again faced rejection, prompting a dip just above the $60,000 threshold. However, buoyed by a weekend recovery, the cryptocurrency managed to stabilize around the $61,000 mark.
In a fresh attempt to breach the $62,000 level yesterday, BTC faced resistance, leading to a retracement back to $60,800 earlier today. However, the narrative swiftly changed, with the cryptocurrency experiencing a sudden surge of over $2,000 in the past hour, edging closer to the coveted $63,000 milestone. Concurrently, its market capitalization approached the formidable $1.250 trillion mark, while its dominance over altcoins saw a slight uptick to just over 51% on CG.
TON and SHIB Emerge as Market Leaders
While larger-cap altcoins have yet to fully mirror Bitcoin’s upward trajectory, they have nonetheless recorded modest gains. Ethereum (ETH), for instance, struggled to breach the $3,000 threshold despite a 2% daily increase, while Binance Coin (BNB) edged closer to the $600 mark following a 1% climb.
In stark contrast, tokens such as Toncoin and Shiba Inu’s native token have surged by approximately 5-6%, with TON reaching an impressive $7.3 and SHIB nearing the $0.000024 mark. Other notable performers include Dogecoin and Floki, which each saw gains of 3%, while tokens such as PENDLE, IMX, and RBN experienced marginal declines.
The broader crypto market capitalization has witnessed a notable uptick, increasing by approximately $40 billion since yesterday, now standing above the $2.420 trillion mark on CG. These developments underscore the enduring resilience and evolving dynamics within the ever-dynamic cryptocurrency landscape.
