Bitcoin worth surge to $49K prompts a number of altcoins to hit new all-time highs

On Sunday bulls made their intentions clear by briefly pushing Bitcoin (BTC) worth above the $49,000 degree, 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.

Data from Cointelegraph Markets Pro and TradingView exhibits that after trading in a spread 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 trading at a low of $40,890 on Sept. 29.

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 available on the market’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.

Related: Futures-based Bitcoin ETF has ‘75% chance 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.

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 Network (SCRT) additionally rallied to realize 20.3% and hit a each day excessive at $3.07.

Other notable will increase embody a 13% achieve 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 charge 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. Every funding and trading transfer entails threat, it’s best to conduct your individual analysis when making a call.