Bitcoin hits another multi-year peak, surpassing $59,000, leading a bullish market trend. Altcoins like XRP, DOGE, and SHIB also see significant gains.

The current bullish sentiment persists within the cryptocurrency sphere as Bitcoin's price surge propels the asset to yet another multi-year high, surpassing $59,000.

Various alternative cryptocurrencies, including XRP, DOGE, and SHIB, have also demonstrated noteworthy gains, hovering around the 6-7% mark.

Is BTC Aiming for $60K Next?

The leading cryptocurrency has embarked on a rollercoaster journey over the past few weeks, particularly gaining momentum since the onset of the current week. Initially hovering around $51,000 with some resistance encountered at $52,000 over the weekend, Bitcoin's trajectory shifted dramatically come Monday.

The bullish momentum surged, catapulting BTC above $53,000 in an impressive rally. The momentum persisted, pushing the price beyond $57,000 by Tuesday morning. While the latter part of the day witnessed less volatility, Bitcoin remained firmly above that threshold.

After approximately 24 hours of sideways trading, Bitcoin has once again initiated an upward trend. This time, bullish investors drove its price to surpass $59,000 for the first time since late 2021, resulting in a parabolic profit ratio.

Presently, BTC is trading around $59,500, with the coveted $60,000 mark within reach. Its market capitalization has surged well above $1.160 trillion on CoinGecko, further solidifying its dominance over alternative cryptocurrencies, which now exceeds 50%.

Altcoins XRP, DOGE, and SHIB Lead the Charge

Following Bitcoin's upward trajectory, numerous altcoins have also experienced significant gains, with Ripple, Dogecoin, and Shiba Inu leading the pack. These three assets have each witnessed an increase in value ranging from 6-8% in a single day. Consequently, XRP is trading near $0.6, DOGE at $0.1, and SHIB above $0.000011.

Ethereum has reclaimed the $3,300 level with a 3% increase, while BNB is trading above $400. Other cryptocurrencies such as ADA, AVA, TRX, DOT, and LINK are also showing positive movements.

PEPE and Arweave emerge as top performers among larger-cap altcoins, with both assets soaring by approximately 40% to $0.05 and $23, respectively.

The total cryptocurrency market capitalization has risen by 4.2% on CoinGecko, surpassing $2.3 trillion.