The past week or so was quite bullish for the crypto market with bitcoin leading the pack by charting an 11% increase that drove it to well beyond $40,000.
Although most alts have retraced on a daily scale now, their weekly gains have been nothing short of spectacular.
BTC Remains Around $44K
It was last Saturday when the primary cryptocurrency spiked by a grand and soared past $39,000. After a sluggish Sunday, the asset went on the offensive once again on Monday and shot up to over $42,000 after a massive daily candle.
The landscape for the bulls got even better on Wednesday when BTC jumped to $44,000 for the first time since the beginning of May 2022.
Following a slight retracement on Thursday, the cryptocurrency started climbing once again on Friday and touched $44,700 to register a new 2023 high. Since then, it has lost some traction and currently stands at around $44,000.
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Nevertheless. bitcoin is up by over 11% on a weekly scale, and its market capitalization sits close to $860 billion. Its dominance over the altcoins was on a rollercoaster this week, going from 52% to over 53% within days. Now, though, the metric is down to 52.4%.
Alts With Massive Gains
The past 24 hours have not been kind to the altcoin space, but that’s mostly due to retracements following the Saturday gains. SOL, ADA, DOT, and LINK have dumped the most today, with losses of around 5-6%.
The weekly charts, though, tell a different story. Ethereum, Binance Coin, Ripple, Chainlink, and Tron are among the more modest gainers, with increases of up to 9% in the case of ETH.
However, SOL, DOGE, MATIC, and DOT have jumped by double digits. Moreover, Cardano, Polkadot, and Avalanche have soared by 30% to 50%. As a result, AVAX sits above $32, while ADA is close to $0.6.
Even more impressive weekly surges come from BitTorrent (170%) and Bonk (127%), which actually hit a new all-time high recently.
The total crypto market cap has added over $160 billion within the past week and is now close to $1.640 trillion on CMC.
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Cryptocurrency charts by TradingView.