Bitcoin has seen a significant price increase in the past 24 hours and is not far from the target of reaching a new ATH. Some well-known altcoins are also experiencing strong growth. Ethereum has surged to its highest level since 2021, with a market capitalization exceeding $520 billion.
BTC Runs Away Again
Bitcoin has witnessed a gradual price increase last week, followed by a significant green candle in the past 24 hours. The price surged above $122,200 (or down 1% from the all-time high), while currently trading around $121,600.
A potential factor causing the recent volatility is the upcoming meeting between US President Donald Trump and Russian leader Vladimir Putin. The main focus of the discussion is said to be a lasting peace between Russia and Ukraine, but it remains unclear whether an agreement will be reached.
Meanwhile, important economic events, such as the US CPI report for July (to be released on August 12), may further drive volatility in the coming days. The market capitalization of BTC has soared to $2.42 trillion, solidifying its position as the sixth largest asset in the world. Its dominance over altcoins remains unchanged at around 58%.
ETH Leads Altcoin Price Surge
ETH continues its upward momentum as it temporarily exceeds the $4,300 mark. This figure reflects a 44% monthly growth, marking the highest level since December 2021. Furthermore, the market capitalization of ETH has surpassed $520 billion, surpassing well-known companies like Netflix and Mastercard.
Other altcoins that have recorded significant price increases in the past 24 hours include XRP (3%), LTC (4%), HYPE (6%), CRO (7%), ENA (10%), etc. Among the few coins that have seen slight declines are PI of Pi Network, Bittensor (TAO), and Official Trump (TRUMP).
The total cryptocurrency market capitalization has reached a new high of approximately $4.14 trillion, up 2% from yesterday's figure.
