Solana Soars 6%, Bitcoin Stalled Below $70K (Market Watch)

Monday kicked off positively for bitcoin, surging to a new multi-month high of $69,500 but fell short of crossing the significant $70,000 threshold.

Several altcoins have recorded gains over the past 24 hours, which has driven the total cryptocurrency market capitalization close to $2.5 trillion for the first time since July.

BTC Still Unable to Reach $70K

The last week has been quite favorable for the leading cryptocurrency. It initiated with a price increase from $62,400 to $66,400 last Monday, followed by a clash between bulls and bears on Tuesday resulting in a substantial $3,000 price swing.

Ultimately, the bulls emerged victorious and continued to push the asset upward. The weekly peak occurred on Friday when BTC hit $69,000 for the first time since late July.

The weekend was predictably quieter, with bitcoin trading mostly around $68,500. However, it became aggressive during the early Asian trading hours on Monday, reaching $69,500 and establishing a new three-month high.

Yet, it couldn’t maintain that level and move toward $70,000, resulting in a subsequent drop of about $1,000. Nevertheless, its market capitalization remains above $1.350 trillion, while its market dominance has seen a noticeable decrease to 54.5% from 55.1%.

SOL Up 5.5%

The standout performer yesterday within the crypto market was ApeCoin’s APE. The asset surged by triple digits throughout the day, reaching a six-month high of $1.7 before pulling back to around $1.5. This surge followed a significant announcement from the development team.

Most altcoins have shown minor increases today, with ETH climbing above $2,700 after a 3% rise. BCH, LINK, UNI, and ADA have also enjoyed similar price hikes, while SOL has emerged as the leading performer among larger-cap altcoins today.

These increases have contributed to the total crypto market capitalization gaining around $35 billion overnight, bringing it close to $2.5 trillion for the first time in roughly three months.