Bitcoin (BTC) Skyrockets to 8-Month High Above $84K as Altcoins Mark Big Gains: Market Watch

Despite last week’s developments and the escalating tension in the Middle East, as well as on the Russia-Ukraine front, bitcoin’s price rebounded from the dip to $80,000 and surged past $84,000 earlier today for the first time since the end of January.

The altcoins are in the green as well, with ETH touching $2,700 earlier today and XRP bouncing to $1.45. XMR, NEAR, and AVAX have posted the most gains among the larger caps.

BTC Sees New 8-Month High

The previous week didn’t go well for the primary cryptocurrency, at least on a macro level. On Tuesday, the US Senate voted against advancing the key CLARITY Act. A day later, the US Federal Reserve hiked interest rates for the first time since July 2023.

BTC reacted to both developments with expected volatility, dipping to a multi-week low of $75,000. However, it rebounded swiftly by Friday when it surged past $80,000. It kept climbing on Saturday and neared $82,000. However, it was halted there as the tension in the Middle East escalated while Ukraine and Russia carried out more violent attacks against each other.

Monday, though, has been entirely the opposite so far. BTC bounced off the $80,000 support after it had reclaimed the 50-week MA, and rocketed to just over $84,000 minutes ago to mark an eight-month high.

It remains above $83,000 as of now, with its market cap surging to $1.670 trillion on CMC. Its dominance over the alts remains inches below 59%.

Alts Back in Green

Ethereum has rocketed to a multi-week peak of its own at just over $2,700. Ripple’s XRP rebounded from the $1.40 support and now sits well above the next key level at $1.45. SOL has climbed to $115, while BNB is up to $780. Even more impressive gains are evident from the likes of DOGE, ADA, XLM, BCH, and LINK.

XMR, AVAX, TAO, NEAR, SUI, BTW, and MORPHO have stolen the show from the larger-cap alts, posting double-digit gains.

The cumulative market cap of all crypto assets has added $70 billion in a day and is up to $2.810 trillion on CMC.