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Bitcoin price surge to $49K prompts several altcoins to hit new all-time highs


On Sunday bulls made their intentions clear by briefly pushing Bitcoin (BTC) worth above the $49,000 stage, a transfer that prompted many merchants on crypto Twitter to name for the top-ranked digital asset to knock down the psychological resistance at $50,000.

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that after buying and selling in a variety with an higher restrict close to $48,200 for a number of days, bulls managed to interrupt larger and climb to an intraday excessive at $49,242, capping a 20% rally since buying and selling at a low of $40,890 on Sept. 29.

BTC/USDT 4-hour chart. Supply: TradingView

The weekend positive factors for Bitcoin come following a rollercoaster week that started with the markets struggling for momentum after a renewed regulatory crackdowns in China weighed in the marketplace’s sentiment. By the tip of the week, some constructive information got here from Federal Reserve chair Jerome Powell who confirmed that the Fed has no intention of banning cryptocurrencies.

Associated: Futures-based Bitcoin ETF has ‘75% probability of approval’ in October — analyst

The bullish transfer from BTC rippled throughout the markets and helped raise altcoin costs, with a number of cash within the top-200 realizing double-digit positive factors.

Day by day cryptocurrency market efficiency. Supply: Coin360

Terra (LUNA) noticed its worth breakout forward of the remainder of the market and climbed 23.34% from its low of $37.52 on Oct. 2 to succeed in a brand new all-time excessive at $46.09 within the early morning hours on Oct. 3. Secret Community (SCRT) additionally rallied to achieve 20.3% and hit a every day excessive at $3.07.

Different notable will increase embody a 13% acquire for Shiba Inu (SHIB) and a12.4% surge in Tezos (XTX) and Axie Infinity (AXS) worth.

The general cryptocurrency market cap now stands at $2.161 trillion and Bitcoin’s dominance fee is 41.4%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you need to conduct your personal analysis when making a call.