While BTC pushed toward $31,000 and even briefly surpassed that level, several altcoins have been on a massive roll in the past 24 hours.
Bitcoin Cash stands out as the most notable performer, having surged by over 30% on a daily scale to over $300 for the first time in over a year.
It’s BCH’s Show
The altcoins started a massive run-up last week before stalling for a few days. Today, though, the landscape for many of them is quite different.
While ETH, BNB, XRP, and TRX trade relatively quietly with gains of up to 3%, ADA, DOGE, and DOT have jumped by up to 5%.
However, SOL and LTC have taken the main stage with impressive 15% daily increases. As a result, SOL is up to $19, while LTC trades close to $100.
Nevertheless, Bitcoin Cash has stolen the show with a mind-blowing 33% surge to $305. Moreover, BCH even tapped $320 earlier today, charting its highest price tag in 14 months.
ETC has also jumped by a double-digit percentage (13%) and has reclaimed $20.
Most other altcoins are also in the green, which has helped the total crypto market cap add over $30 billion in a day and near $1.2 trillion on CMC.
BTC Tried $31K Again
Bitcoin’s most impressive price surge for the past few months came 10 days ago when the asset soared from $26,500 to over $30,000. It jumped to $31,500 in the following few days but failed there and remained relatively stagnant in a range between $30,000 and $31,000 ever since.
That changed yesterday when it briefly slipped below $30,000. However, that was short-lived, and the bulls took charge once again. They pushed the cryptocurrency north to $31,250 (on Bitstamp) earlier today, but it failed to continue upwards.
As of now, bitcoin trades just inches away from $31,000, and the rising altcoins have reduced some of its dominance over the market. Nevertheless, the metric is still above 50% on CMC.
The enhanced market volatility has resulted in over $130 million worth of liquidations as nearly 45,000 over-leveraged traders were wrecked in the past 24 hours.
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Cryptocurrency charts by TradingView.