November 26, 2022

Bitcoin Spikes to $52K: Highest Since Mid-May (Market Watch)

2 min read

After dipping below $50,000 again on Sunday, bitcoin has gone on a tear once again and surged to a new multi-month high above $52,000. Some altcoins are also well in the green, with Binance Coin trading above $500 and Chainlink increasing 15%.

Bitcoin Touched $52K

The previous couple of days were working out for BTC as the possession had recuperated from the mid-week rate drops listed below $47,000. In fact, it challenged $50,000 a couple of times, and after the last one, it even went to a high of $51,000.

This cost rise was fairly brief as the bears didn’t allow it to continue forwards. In the next couple of days, bitcoin dropped below the coveted $50,000 mark and went down to just over $49,000.

However, the circumstance altered once again in the previous 24 hours. In a matter of hours, BTC gained roughly $2,000 of value. This resulted in briefly exceeding $52,000, which became the new greatest cost point considering that the mid-May correction.

Despite retracing with a couple of hundred dollars ever since, bitcoin’s market capitalization sits near $1 trillion, while the supremacy over the altcoins is still at 41.5%.

BTCUSD. Source: TradingView

BTCUSD. Source: TradingView Alts See Green; BNB Above$ 500 Most alternative coins likewise took a day

off on Sunday, displaying an untypical lack of volatility. In the previous 24 hours, though, the landscape appears rather various. Ethereum has included 2%of value and is close to $4,000 again. Binance Coin has taken another swing at $500 with a 1.5% increase. Currently, BNB stands just north of that level.

A lot more gains originate from Ripple (5.5%), Solana (4%), Dogecoin (3.6%), Polkadot (6%), Uniswap (4%), Litecoin (6%), and Bitcoin Cash (10%). Chainlink is the most impressive performer from the larger cap alts with a 14% surge to $35.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto From the lower-and mid-cap alts, Quant has increased the most – – 42% in a day to $340. Filecoin (22%), OMG Network (22%), FTX Token (15%), Perpetual Protocol (15%), and Algorand (14%) are next.

By including around $80 billion in a day, the crypto market cap has actually also seen a multi-month record at $2.350 trillion.