Bitcoin Price Surges to $57,000, Altcoins Rally: BTC, SOL, BCH Gain Momentum

Bitcoin's price jumps to $57,000, leading a rally in altcoins like SOL and BCH. Ethereum, XRP, ADA, Dogecoin, and others also see gains as total crypto market cap hits $2.250 trillion.

After a period of relatively stagnant trading within the $51,000 to $52,000 range, Bitcoin experienced a significant surge yesterday and earlier today, reaching a new peak of just over $57,000 in the last 26 months.

The momentum in the cryptocurrency market extended to alternative coins, with SOL surpassing $110 and BCH surging to $300.

The bullish trend for BTC resumed after a relatively quiet week, where it hovered around $52,000, occasionally spiking to $53,000 with retracements to $51,000. Despite indications of potential consolidation, such as a decline in weekly inflows to spot Bitcoin ETFs, the market had different plans.

On Monday afternoon, Bitcoin initiated a substantial upward movement, reaching over $53,500. The bullish momentum continued, propelling the price to $55,000 later on. During the early Tuesday morning Asian session, the cryptocurrency surged even further, touching $57,000 for the first time since late 2021.

As of now, Bitcoin remains just below that level, but its market cap has surged to over $1.1 trillion on CG. Its dominance over alternative coins, which was declining recently, has increased by 1.4% to 49.5% at the moment.

While most alternative coins have not outpaced BTC in terms of daily gains, they are still showing positive movement. Ethereum continues its upward trend, experiencing a 7% increase to $3,250. SOL reclaimed the $110 level with a 9% daily surge. XRP, ADA, Avalanche, Polkadot, Chainlink, and Polygon have all seen increases ranging from 5% to 8%. Dogecoin has taken the spotlight with a substantial 12% surge, reaching almost $0.1.

Bitcoin Cash is also among the top performers, with a 13.5% increase pushing it to $300.

With the majority of lower- and mid-cap alternative coins trading positively, the total crypto market cap has risen by $140 billion on CoinGecko, reaching $2.250 trillion as of now.