Bitcoin (BTC) experienced a substantial price increase over the past 24 hours and is not far from reaching a new all-time high.
Some of the well-known altcoins are also well in the green. Ethereum (ETH) surged to a level last seen in 2021, with its market capitalization surpassing $520 billion.
BTC on the Run Again
Bitcoin (BTC) witnessed a gradual price pump last week, followed by a substantial green candle over the last 24 hours. It briefly spiked above $122,200 (or less than 1% from its all-time high), whereas it currently trades at around $121,600.
A potential factor triggering the latest pump is the upcoming meeting between US President Donald Trump and Russian leader Vladimir Putin. The primary focus of the discussion is supposed to be the eventual peace between Russia and Ukraine, but we have yet to see whether a deal will be made.
Meanwhile, important economic events, such as the US CPI report for July (released on August 12), may propel additional volatility in the coming days.
BTC’s market capitalization soared to $2.42 trillion, solidifying its spot as the sixth-biggest asset in the world. Its dominance against the altcoins remains rather unchanged at approximately 58%.
ETH Leads the Altcoin Rally
ETH continues its bull run as it temporarily surpassed $4,300. This represents a 44% monthly increase, marking its highest point since December 2021. Furthermore, its market capitalization exceeded $520 billion, thus flipping well-known companies like Netflix and Mastercard.
Other altcoins registering significant price increases over the last 24 hours include XRP (3%), LTC (4%), HYPE (6%), CRO (7%), ENA (10%), and more. Among the few witnessing some minor losses are Pi Network’s PI, Bittensor (TAO), and Official Trump (TRUMP).
The total crypto market capitalization reached a new high of around $4.14 trillion, representing a 2% increase from yesterday’s figure.
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Cryptocurrency charts by TradingView.
