Bitcoin (BTC) has seen a significant price surge in the past 24 hours and is now on the verge of hitting a new all-time high.
Several popular altcoins have also surged. Ethereum (ETH) has risen to its highest level since 2021, with a market cap exceeding $520 billion.
Bitcoin (BTC) has seen a gradual price rise over the past week, followed by a big surge in the past 24 hours. It managed to surpass $122,200, less than 1% from its all-time high, before trading around $121,600.
One potential factor driving the surge is the scheduled meeting between US President Donald Trump and Russian President Vladimir Putin. The main focus of the discussions has been the possibility of a peace deal between Russia and Ukraine, but it is not yet clear whether an agreement will be reached.
Meanwhile, important economic events such as the US Consumer Price Index (CPI) report for July due out on August 12 could potentially trigger additional price volatility in the coming days.
BTC’s market cap surged to $2.42 trillion, cementing its position as the world’s sixth-largest asset. BTC’s dominance over altcoins remains largely unchanged at around 58%.
Ethereum (ETH) continued its bullish streak as it briefly topped $4,300, a 44% gain in a month. This marked its highest level since December 2021. Its market cap also topped $520 billion, surpassing the value of well-known companies such as Netflix and Mastercard.
Other altcoins that posted significant gains in the past 24 hours included XRP (3%), LTC (4%), HYPE (6%), CRO (7%), ENA (10%), and others. Some of the ones that saw slight declines included Pi Network (PI), Bittensor (TAO), and Official Trump (TRUMP).
The total crypto market capitalization reached a new high of around $4.14 trillion, a 2% increase from the previous day.
