Bitcoin soared by roughly $2,000 in the past several, charting its highest price position since mid-September.
The altcoins are well in the green as well, with some, such as SOL and OKB, posting massive double-digit price increases.
Bitcoin Sees 18-Week High
The latest bitcoin surge came amid five bullish on-chain factors provided by CryptoQuant earlier this week. The asset had calmed after touching $21,600 and had retraced to just under $21,000.
The bulls had a battle that continued for a few days seems to be won, at least for now, as BTC went through one of its most impressive overnight price surges in a while. It took it from below $21,000 to inches away from $23,000.
Although it has still been unable to tap that level as of now, touching $22,800 is the highest price tag bitcoin has seen in 18 weeks. Somewhat expectedly, this price surge caused losses worth millions of dollars for over-leveraged traders, with the majority being short positions.
The price pump has helped BTC’s market cap to increase to almost $440 billion. Its dominance over the altcoins is also on the rise and is up to 42%.
APT, SOL, OKB Skyrocket
Although BTC’s market dominance is increasing, several altcoins are actually outperforming the largest digital asset on a daily scale. Among those, Aptos’ native token has taken the main stage with a mind-blowing 57% surge. As a result, APT has marked a multi-month high above $12.
Next in line from the larger-cap altcoins are Solana, OKB, MANA, SAND, ICP, VET, HBAR, NEAR, and ATOM. All of those have skyrocketed by between 10% and 20% overnight.
Ethereum is at $1,650 after a 6.5% increase. Binance Coin has reclaimed $300 following a 5.5% jump.
All of these price jumps have helped the crypto market cap to surge above $1 trillion on CoinMarketCap as well.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.