Bitcoin had an impressive trading week, with its price jumping to over $67,000, the highest level in almost a month. After briefly retracing to $60,000, the bulls defended the psychological support level and pushed the price back up. The digital asset climbed to $63,000 on Monday, surged to $66,500 after the US CPI announcement for April, and peaked at almost $67,500 in the past couple of days. Despite a slight retracement, Bitcoin is still trading around $67,000, holding a market capitalization of $1.320 trillion.
Altcoins Join the Rally
Most altcoins also experienced significant gains, with SOL, AVAX, BCH, LINK, and others registering double-digit increases. SOL soared by 17.5% to over $170, while LINK rose by 22% to nearly $16.5. Other top gainers for the week included Avalanche (14%), Bitcoin Cash (13%), UNI (13%), IMX (10%), GRT (12%), NEAR (9%), and ICP (10%). However, TON saw a decline of over 9%, while BNB and TRX also ended the week slightly in the red.
Total Market Cap Surges
The total cryptocurrency market cap on CG reached $2.550 trillion, reflecting a $150 billion increase on a weekly scale. The strong performance of both Bitcoin and altcoins contributed to this growth, as investors showed renewed interest in the digital asset space. Despite a relatively quiet 24 hours in terms of price movements, the overall trend remains positive, with many cryptocurrencies posting impressive gains.
Through a combination of bullish momentum, positive market sentiment, and strong investor demand, Bitcoin and altcoins have managed to deliver outstanding returns over the past week. The resilience of the market, coupled with growing mainstream acceptance of cryptocurrencies, suggests that this upward trajectory may continue in the coming weeks. As always, investors are advised to exercise caution and conduct thorough research before making any investment decisions in the volatile cryptocurrency market.
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