Bitcoin prices continued their surge in the past few hours as the asset surged above $110,500 for the first time in about two weeks.
Most altcoins also performed strongly on a daily basis, with ETH surging by 8% while HYPE nearing an all-time high.
Five days ago, the major cryptocurrency fell sharply after tensions escalated between US President Donald Trump and Tesla CEO Elon Musk. At that time, BTC plunged to a weekly low of around $100,400.
However, the bull market managed to hold onto that level and sparked a swift recovery. Within a few days, BTC returned to the consolidation zone between $104,000 and $106,000. It remained stable throughout the weekend, but began to accelerate on Monday morning and especially Tuesday during the Asian trading session.
Strong buying has pushed the price above $110,500 in the past few hours, marking a June high and a two-week high. Although it is now slightly lower and hovering around $109,000, BTC is still up 3.5% for the day.
Bitcoin’s market cap has now risen to $2.170 trillion according to CG, while its market dominance over altcoins remains high at over 61%.
HYPE has seen double-digit gains and is now nearing its all-time high reached less than a month ago. The 12% daily surge makes it the best performing large-cap altcoin today.
Other major assets that have also surged include LINK, SUI, AVAX, SOL, and DOGE. Ethereum has also performed impressively, gaining nearly 8%, now trading at nearly $2,800.
Overall, the global crypto market cap has increased by around $60 billion in a day and now stands at $3.535 trillion according to CG data.
