September so far has been very kind to the cryptocurrency market. This is reflective from the price surge experienced in the past days and slight corrections.
Bitcoin and other altcoins have painted multi-month high in the past 24 hours as BTC crosses $50,000 level and Ethereum taps $4,000. These are levels the coin is returning to since mid-May before the wild crash.
Altcoins have also been experiencing a similar price surge.
Bitcoin topples $50,000, hits $51,000
Bitcoin kicked off the month crashing to $46,000, however, the result afterward has been good as it started rising slowly.
It added $4,000 of value in a day and briefly exceeded $50,000. Conquering that level though wasn’t all that easy, and BTC dropped by $2,000 to $48,400.
After the slight correction, BTC took another leg up afterward spiking above $50,000 and kept climbing to a daily high of $51,060. This remains BTC’s highest price since the correction in May.
However, after its intraday high, BTC has experienced another mild correction that has pushed it to $50,176 at press time. Its market capitalization has neared $950 billion, but its dominance struggles at around 41.5% owing to surging altcoin prices.
Green leads in mixed altcoin market
Like it happens with BTC when it surges altcoins follow. Altcoin over the month has recorded high percentage rise than Bitcoin which has been diminishing the number one crypto’s dominance.
Ethereum for example in the past week has pushed high from $3,100 to $4,000. It broke above $4,000 for the first time since mid-May on Saturday. Despite retracing since that peak, ETH is still 1.5% up on the day and is above $3,900.
On a 24-hour scale, Binance Coin, Ripple, Solana, Dogecoin, and Polkadot have marked minor gains, while Cardano is just slightly in the red. Litecoin is the most impressive performer from the larger-cap alts, with a 15% surge to above $210.
Uniswap on the other hand has retraced by 4% after its brawl with the SEC.
More gains come from Fantom (36%), Revain (29%), IOST (27%), Theta Fuel (15%), Horizen (11%), and ICP (11%).
Ultimately, the cumulative market cap of all crypto assets is close to $2.3 trillion now, an height it has not reached since the crash in Mid-May.