Bitcoin Jumps to Monthly Peak Above $48K, Chainlink Explodes 11% to $20 (Weekend Watch)


Bitcoin continues its weekly run, and it jumped to a new monthly peak at $48,600 hours ago.

The altcoins have also turned green one more time, and the total market cap has reclaimed the coveted $1.8 trillion level.

BTC’s Run Continues

The primary cryptocurrency was trading sideways for much of the previous ten days. The asset had calmed after last week’s volatility and remained in a tight range at around $43,000 until Wednesday evening.

This is when the bulls gained control over the market and initiated a few consecutive leg-ups. At first, BTC jumped to $45,000, but that was just the beginning. The bulls kept the pressure on, and the cryptocurrency saw its price climb above $47,000 by the end of the business week.

Although most recent weekends have been quite sluggish, this one resulted in more positive price movements. Bitcoin tried to take down $48,000 yesterday, and despite failing at first, it kept pushing and did so earlier today.

In fact, BTC skyrocketed to $48,600 for the first time in roughly a month – since the day that all SEC-approved ETFs went live for trading in the States.

This means that its market capitalization has neared $950 billion, while its dominance over the altcoins is above 52% again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LINK Shoots Up

Most altcoins are also in the green on a daily scale, as they have been in the past few days. Ethereum is up by another percentage and has decisively reclaimed the $2,500 level. BNB, SOL, XRP, DOGE, TRX, and DOT are with similar gains of around 1-2%.

Cardano has added 4% of value, while AVAX and BC are up by 5% and 8%, respectively. Chainlink has taken the main stage from the larger-cap alts. LINK has soared by 11% and trades above $20 for the first time in years.

Even more substantial gains come from the likes of BEAM (23%) and Ronin (14%). As such, the total crypto market cap has added about $30 billion once again overnight and stands at a local peak of $1.810 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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