After weeks of consolidation and a lack of actual volatility, bitcoin finally broke out yesterday and charted a new peak at $120,000 before it corrected slightly.
Many altcoins have produced even more impressive price pumps in the past 24 hours, led by PENGU, WIF, and FARTCOIN.
BTC’s Latest Peak Liqudates Massive Whale
Recall that the primary cryptocurrency began the month with stagnation and even a brief correction that drove it to just over $105,000. However, it reacted well at this point, erased all losses, and even jumped past $110,000 a day later.
It couldn’t maintain its run and returned to $108,000, where it spent most of the weekend. Monday started with another breakout attempt, but to no avail as the bears emerged at $109,600 and pushed it south.
After another day of consolidation on Tuesday and most of Wednesday, the cryptocurrency finally shot up on Wednesday evening. Perhaps due to Donald Trump’s call for lower interest rates, BTC skyrocketed past $110,000 and continued climbing to break its previous all-time high, setting a new one at $112,000 (on most exchanges).
Although it has retraced by about a grand since then, its move to the upside caused a painful liquidation for a certain whale. Data from CoinGlass shows that someone was wrecked for over $51 million yesterday.
BTC’s market cap now stands above $2.210 trillion, while its dominance over the alts is down to 62.4%.
Alts in Green
The declining BTC dominance in times of price pumps means that alts have performed better, a lot better. This is evident from many larger-cap ones, such as ETH, which tapped $2,800 for the first time in weeks.
DOGE, ADA, HYPE, SUI, XLM, AVAX, HBAR, and SHIB are also well in the green, with gains of up to 10-11%.
The biggest increases come from some lower-cap alts, such as PENGU, which has skyrocketed by over 34% amid rumors of a spot ETF. WIF (15%) and FARTCOIN (13%) follow suit.
The cumulative market cap of all crypto assets has risen by approximately $100 billion since yesterday and is up to $3.540 trillion on CG.
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Cryptocurrency charts by TradingView.