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

On Sunday bulls made their intentions clean through in short pushing Bitcoin (BTC) fee above the $49,000 level, a circulate that induced many buyers on crypto Twitter to name for the top-ranked virtual asset to knock down the mental resistance at $50,000.

Data from Cointelegraph Markets Pro and TradingView indicates that when buying and selling in a selection with an top restrict near $48,2 hundred for numerous days, bulls controlled to interrupt better and climb to an intraday excessive at $49,242, capping a 20% rally when you consider that buying and selling at a low of $40,890 on Sept. 29.
BTC/USDT 4-hour chart. Source: TradingView

The weekend profits for Bitcoin come following a rollercoaster week that started out with the markets suffering for momentum after a renewed regulatory crackdowns in China weighed at the marketplace’s sentiment. By the quit of the week, a few wonderful information got here from Federal Reserve chair Jerome Powell who showed that the Fed has no goal of banning cryptocurrencies.

Related: Futures-primarily based totally Bitcoin ETF has ‘75% threat of approval’ in October — analyst

The bullish circulate from BTC rippled throughout the markets and helped elevate altcoin prices, with a couple of cash withinside the top-2 hundred knowing double-digit profits.
Daily cryptocurrency marketplace performance. Source: Coin360

Terra (LUNA) noticed its fee breakout beforehand of the relaxation of the marketplace and climbed 23.34% from its low of $37.fifty two on Oct. 2 to attain a brand new all-time excessive at $46.09 withinside the early morning hours on Oct. 3. Secret Network (SCRT) additionally rallied to advantage 20.3% and hit a every day excessive at $3.07.

Other splendid will increase encompass a 13% advantage for Shiba Inu (SHIB) and a12.4% surge in Tezos (XTX) and Axie Infinity (AXS) fee.

The typical cryptocurrency marketplace cap now stands at $2.161 trillion and Bitcoin’s dominance charge is 41.4%.