The price of Bitcoin has seen a remarkable increase over the past 24 hours, reaching the price of $116,800 for the first time in nearly three weeks.
The rise comes supported by increasing buying momentum.
After rising to the level of $116,800, the price of Bitcoin returned to trading below $116,000 at the time of writing this article.
Looking at the past few days, the price of Bitcoin dropped to $110,000 at the beginning of the week.
Afterward, Bitcoin gradually recovered its losses over Monday and Tuesday, then the pace of the rise accelerated with the release of U.S. consumer price index data on Thursday.
It peaked on Friday morning at $116,800, before stabilizing later around $116,000.
Amid this performance, the market capitalization of the currency rose to $2.3 trillion, while its dominance in the market fell to 55.2%, according to data from the 'coingecko' platform.
This decline in dominance opened the door for alternative currencies to perform stronger, especially in the meme coin market.
The digital currency DOGE jumped by more than 12% to approach the level of $0.3, while PEPE rose by 18%, and SHIB increased by about 8.5%.
The M currency also returned to the forefront with a rise of 7.5% to exceed $2.25, while other currencies such as ADA, LINK, AVAX, SUI, BNB, XRP, and ETH recorded varying gains.
The overall momentum pushed the total market capitalization of cryptocurrencies to exceed $4.18 trillion, with an increase of over $80 billion in just the last 24 hours.
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