Bitcoin (BTC) Price Soars Past $38K, Solana (SOL) Jumps Above $60 (Market Watch)

After several days of heading south, bitcoin’s price finally reversed its trajectory and pumped above $38,000 in the past 24 hours.

Most altcoins have also turned green today, with ETH jumping to over $2,000 and XRP defending the $0.6 level.

BTC Back Above $38K

Bitcoin registered its highest price tag in over a year and a half on Friday when the bulls initiated a notable leg up that resulted in tapping $38,500. However, the asset couldn’t sustain its momentum and quickly went back below $38,000.

The weekend was calmer, as bitcoin traded sideways at around $37,000. Monday and Tuesday, though, were a lot less positive, with bitcoin slipping below $37,000 for the first time in nearly a week.

Nevertheless, the bulls took charge hours ago once again. They propelled another rally that resulted in touching $38,400 hours ago.

Despite losing some ground since then and failing to break the $38,500 barrier, BTC still sits above $38,000. Its market cap has increased to $750 billion, and its dominance over the alternative coins is up to 52%.

BTCUSD. Source: TradingView## SOL, RUNE on the Rise

As it typically happens when BTC heads in either direction, so do most of the altcoins. Ethereum, for instance, has jumped by 2.5% and has reclaimed the $2,000 resistance. Binance Coin is at $230, while XRP remains above $0.6.

Cardano, Dogecoin, Polygon, and Polkadot have all added around 4% overnight, while LINK, AVAX, NEAR, and MNT are up by 5-7%.

Solana and THORChain have gained the most from the larger-cap alts. SOL is up by 11% and trades above $60, while RUNE has soared by 14.5% and sits well above $6.

The total crypto market cap has added over $30 billion in a day. As a result, the metric now stands over $1.430 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto