Altcoins Surge as Bitcoin Reaches Monthly High
Bitcoin has surged to its highest price in over a month, reaching $91,600, while altcoins such as Dogecoin, Solana, and Ethereum have also seen significant gains, according to reports from Decrypt.
In a sudden turn of events, the cryptocurrency market has seen a significant upswing, with many major coins experiencing substantial gains. As of writing, Dogecoin, the original meme coin, has jumped by nearly 9% over the last 24 hours to a current price of $0.172. This is a welcome respite for DOGE holders who have watched the coin trickle down since hitting a three-year high price of $0.48 back in December.
Ethereum, the second-largest cryptocurrency by market cap, is also up nearly 8% on the day to a current price of $1,703. Despite having a rough stretch lately, falling almost 15% over the last 30 days and 47% since this time last year, ETH is seeing green today. Meanwhile, Solana is a dollar short of a monthly high at a current price of about $145, rising 6% on the day. Solana has seen a sizable rebound of late after a big drop, rising 37% over the last two weeks alone.
According to Decrypt, other altcoins that are deeply in the green today include Sui (SUI) with an 11% jump, meme coin Fartcoin with a 20% blast up the charts, and gaming token Immutable (IMX) with a 16% spike following its recent return to the top 100 cryptocurrencies. XRP is up a relatively modest 3% on the day to $2.15.
The surge in altcoins is mirrored by Bitcoin, which is currently showing a 4.6% rise on the day to a price of $91,508. It rose as high as $91,684 earlier Tuesday, reaching the highest price seen for the top coin since early March. It’s now up more than 8% on the week and 18% over the past 14 days.
As noted by Decrypt, cryptocurrencies have been trading sideways in recent weeks after recovering from an early-month plunge triggered by global economic uncertainty. On Monday, Bitcoin and other assets rose while stocks plunged—but on Tuesday, most markets are showing green amid optimism that the trade standoff with China will ease up soon.
In related news, crypto liquidations stand at $347 million over the past day, per data from CoinGecko, with about $255 million of those coming from short positions. Bitcoin makes up $142 million of the total, with Ethereum next up at $90 million.
This recent surge in cryptocurrencies has sparked renewed interest in the market, with many investors taking a closer look at the current trends and future prospects. As reported by Decrypt, "Crypto liquidations stand at $347 million over the past day, per data from CoinGecko, with about $255 million of those coming from short positions."
The current market trends are a significant development for the cryptocurrency space, and it will be interesting to see how the market continues to evolve in the coming days and weeks. As Decrypt notes, "Cryptocurrencies have been trading sideways in recent weeks after recovering from an early-month plunge triggered by President Trump’s global tariffs and volatile trade war swings."
Sources:
Decrypt: https://decrypt.co/315813/dogecoin-solana-ethereum-spike-bitcoin-monthly-high
Market data provided by CoinGecko: https://www.coingecko.com/
The information provided in this article is for general information purposes only and should not be considered as investment advice. Investing in cryptocurrencies is highly speculative and involves a significant risk of loss.
