The crypto market has witnessed remarkable gains over the past 24 hours, spearheaded by Bitcoin’s groundbreaking surge above the $124,000 mark. As the largest cryptocurrency in the world, Bitcoin climbed 3.55% in a single day, and over the past week, it has achieved an impressive growth of more than 8%. This surge has propelled the total market capitalization to a staggering $4.19 trillion. The rally is accompanied by strong market sentiment, as evidenced by a Fear & Greed Index reading of 68, signifying a state of greed.
Ethereum, the second-largest cryptocurrency, has also demonstrated a robust performance, recording a 3.09% daily increase and trading at $4,762. Over the last seven days, Ethereum has achieved a significant 30% gain. XRP has been closely following with a 3.46% increase, reaching $3.33, while Solana has experienced a 4.6% rise to $206.58, contributing to its remarkable 23% weekly climb. Dogecoin has maintained its strong momentum, rallying 7.63% over the past day and 24.5% throughout the week.
Cardano has emerged as one of the biggest winners among altcoins, soaring 15.25% within 24 hours and over 32% within a week, now approaching the $1 threshold. Other notable movers include Hyperliquid (HYPE), which has risen 7% in a day and 26% over the week, along with Stellar (XLM) climbing 4.78% in the past 24 hours.
Although the broader market remains in a bullish phase, the Altcoin Season Index is currently at 43/100, indicating that Bitcoin still dominates the rally. However, altcoins are rapidly gaining momentum.
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- Cryptocurrency Price Predictions: BTC $200K, ETH $10K, SOL $1K, ADA $5
Bitcoin Breaks Past $124K, ETH Follows
On Tuesday evening, Bitcoin surpassed the $124,000 mark, breaking its previous high of $123,369 set in July, thus entering price discovery once again. This rally signifies a bullish shift in the crypto market, fueling analysts’ expectations for further gains in August. Ethereum also surged past $4,700 before experiencing a slight cooldown, while altcoins are gaining momentum as liquidity transitions from Bitcoin to other cryptocurrencies. Historically, Bitcoin has led these market runs before capital is reallocated to altcoins.
Bitcoin’s recent breakout has solidified the $120,000 level as a new support threshold. Market indicators such as the MACD suggest that bulls are in control, with the potential for new all-time highs in the near future. Although a correction could occur by early September, market sentiment remains optimistic.
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