Bitcoin price surge to $49,000 pushed several altcoins to all-time highs

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The bulls on Sunday made their intentions clear by briefly pushing the price of Bitcoin (BTC) above the $49,000 level, a move that prompted many crypto-traders on Twitter to claim the top-rated digital asset to wipe out psychological resistance at $50,000.

Data from Cointelegraph Markets Pro and TradingView shows that after trading in an upper bound range near $48,200 for several days, the bulls were able to break higher and climb to an intraday high of $49,242, capping a 20% rally since trading at a low of $49,242. $40,890. On the 29th of September.

4 hour BTC/USDT chart. Source: TradingView

Bitcoin’s weekend gains come after a volatile week that began with markets struggling for momentum after renewed regulatory crackdowns in China weighed on market sentiment. By the end of the week, some positive news came from Federal Reserve Chairman Jerome Powell who confirmed that the Fed has no intention of banning cryptocurrencies.

Related: Bitcoin futures-based ETF has ‘75% chance’ of approval in October – Analyst

The bullish movement from BTC spread across the markets and helped push up the altcoin prices, with several coins in the top 200 making double-digit gains.

Daily cryptocurrency market performance. Source: 360 . coin

Terra (LUNA) saw its price break out ahead of the rest of the market and rose 23.34% from its low of $37.52 on Oct. 2 to reach a new all-time high of $46.09 in the early morning hours of Oct. 3. The Secret Network (SCRT) also rose to 20.3% and recorded a daily high of $3.07.

Other notable increases include a 13% increase in the price of Shiba Inu (SHIB) and a 12.4% increase in the price of Tezos (XTX) and Axie Infinity (AXS).

The total cryptocurrency market capitalization is now $2.161 trillion and the bitcoin dominance rate is 41.4%.

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