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Altcoins Explode As Bitcoin Tops $47,000 And Solana Hits New ATH

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Stefan

Altcoins explode as Bitcoin hit $47,000 and the market topped $2 trillion once again while Doge increased by 16% and SOL reached a new ATH of 40% so let’s read more in our latest altcoin news today.

After the new drop to below $46,000 BTC bounced off quite well and tapped $48,000 shortly however the alternative coins registered some more notable gains on a 24-hour scale and this included Solana reaching a new all-time high and doge pumping another 16%. the market-wide retracement on Sunday was short-lived and the coins are back on the offensive with ETH jumping by another 3.5% and it is just shy of $3300. Ripple was the most substantial gainer a day ago and it also increased with a similar percentage. Binance Coin increased to 5.5%, ADA by 5.5% too, UNI by 6.5%. Dogecoin surged by 16% in one day and got support from major world-known billionaires like Mark Cuban.

BTCUSD. Source TradingView

Polkadot increased by 10%, Link by 11%, and MATIC by 11% all seeing double-digit gains as well while Solana stole the show and exploded by 40%, and registered a new high above $64 earlier. More gains were seen from Terra 32%, Revain 19%, Fantom 17%, and THETA 13%. The altcoins explode as Bitcoin hit $47,000 and the entire crypto market added another $100 billion since yesterday’s low and it is back above $2 trillion.

The main cryptocurrency dropped after a few consecutive days of price increases and after it hit $48,000 for the first time since mid-May when the asset dropped by $3000. As a result, it tested $45,000 but all bulls stepped up at this moment and reversed the trajectory but in the following hours, BTC started to recover in value. It spiked above $46,000 before reclaiming $47,000 and BTC went as high as $48000 again but then the rejection drove it a few hundred dollars south. BTC trades above $47,000 as of writing these lines and the market cap reached $900 billion again but the dominance over the altcoins decreased to under 44%.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As reported recently, DOGE increased 41% over the past week and the price hovered right above $0.20 a week ago. Bitcoin increased by about 21% over the past week while Ethereum is surging at a 29% increase. DOGE beat them both when it comes to the short-term gains. DOGE is well off of its ATH and nearly 63% lower as of the time of writing, That’s a larger discrepancy than both BTC and ETH compared to their respective peaks but DOGE has swung harder on the momentum than the rest of the market. It did crash harder than most coins when the overall market crashed in May but it is also seeing a bigger percentage of swings on the way back up in the past few weeks.

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