Bitcoin’s gradual price ascent continued in the past several hours as the asset slowly climbed to a 10-day peak of over $118,000.
A few altcoins have doubled down on their recent gains, including LINK, which has rocketed by almost 7% to trade above $22.
BTC Sees August Peak
The current month didn’t start all that well for the primary cryptocurrency as it dipped to a multi-week low of $112,000 just three days in. This came amid ongoing political tension between some of the Great Powers, which included the movement of nuclear submarines.
However, the asset reacted well to that dip and started to recover almost immediately. Within just a few days, by last Friday, bitcoin was already knocking on the $117,000 door. Although it experienced some resistance there, the bulls were persistent and managed to break through on Saturday.
They kept the pressure on in the past several hours as well, helping BTC breach the $118,000 line. As such, bitcoin marked a ten-day high at around $118,500 earlier today. Despite losing some ground since then, it’s still around 1% up on the day.
Its market capitalization has increased to $2.355 trillion on CG, while its dominance over the alts has risen to 58.4% after the drop to 58% yesterday.
LINK Pumps
Many altcoins posted massive gains yesterday, including ETH, which skyrocketed to its highest price levels since late 2021 at over $4,200. Most have lost some traction today, which is somewhat expected, but ETH has managed to defend that level.
LINK has emerged as today’s top performer from the larger-cap alts, gaining roughly 7% and pumping past $22.
In contrast, XRP, BNB, SOL, DOGE, ADA, BCH, HBAR, XLM, and SUI are slightly in the red following the recent rallies.
The total crypto market cap has maintained above $4 trillion, which is $200 billion above the low reached on Thursday.
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Cryptocurrency charts by TradingView.
