The cryptocurrency market has witnessed a widespread upward wave in the past few days, amid a remarkable recovery of alternative cryptocurrencies, led by Ethereum, which surpassed the $2500 mark, recording a daily increase of nearly 8%.
This increase comes after a sharp decline in which the price of the coin was around $1400 on April 9, the lowest level in over a year.
However, positive economic developments, along with the technical update 'Pectra', supported Ethereum's gradual recovery to current levels.
Over the week, Ethereum's gains reached about 40%, enabling it to surpass the important psychological resistance level.
This upward wave extended to a large number of other alternative coins, with DOGE rising by more than 16% to trade above $0.24, while coins like ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE showed strong performance.
PI, UNI, and NEAR coins achieved daily gains of double digits, while LEO was among the few cryptocurrencies that recorded a decline.
As a result of this momentum, the total market value of cryptocurrencies increased by about $70 billion, reaching $3.45 trillion, according to data from the 'coingecko' index.
As for Bitcoin, despite recording a slight increase of no more than 1% during the day, it surpassed the $104,000 level, after touching $105,000 earlier.
The coin recorded weekly gains of nearly 9%, managing to break through the $100,000 barrier for the first time in over three months.
In contrast, Bitcoin's dominance in the market has seen a noticeable decline, with the percentage dropping from about 62% to less than 60%, indicating the strength of alternative cryptocurrencies. However, Bitcoin's market value has risen to $2.070 trillion according to data from 'coingecko'.
