thenewscrypto.com
- Bitcoin surges 15% from recent lows of $56,715 to surpass $65,350.
- The global crypto market has climbed over to $2.37 trillion.
- Altcoins like TON, SOL, and AVAX have shown impressive gains in the last 24 hours.
The global crypto markets have witnessed a notable rebound following a jumble period, with Bitcoin spearheading the recovery by surging over 15.2% from its recent lows experienced at the beginning of May ($56,715). Climbing above $65,350 for the first time since April 24, Bitcoin’s resurgence has infused renewed optimism into the broader cryptocurrency landscape.
Notably, altcoins have showcased remarkable rallies, with assets like TON, SOL, and AVAX standing out with imposing gains over the past day.
Altcoins Showing Huge Gains
Despite enduring an 11.79% correction over the previous week, the global crypto market has bounced back, reclaiming a significant portion of its recent decline. This rebound has not only reaffirmed a crucial long-term support level but has also formed a bullish weekly candlestick, hinting at a potential upward trajectory.
The leading altcoins have notably outperformed Bitcoin, with assets like Solana (SOL), Toncoin (TON), and Avalanche (AVAX) posting gains of 6.9%, 8%, and 7%, respectively. Additionally, the largest altcoin, Ethereum (ETH), has surged by 3% to surpass $3,200, while Binance Coin (BNB) has climbed to $600 following a similar increase. Other prominent altcoins, including XRP, Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and Bitcoin Cash (BCH), have also seen positive movements.
Furthermore, lesser-trend altcoins such as Chainlink (LINK), Polygon (MATIC), Near Protocol (NEAR), Hedera (HBAR), and Render (RNDR), among others, have recorded even more impressive gains.
While the recent bounce has been promising, the market still has ground to cover to reach its yearly and all-time highs, requiring a further increase of approximately 16.81%. The question remains whether this rebound signals the start of a sustained upward trend aimed at achieving these milestones.
However, the overall crypto market cap has surged to $2.42 trillion, marking an increase of nearly $100 billion in just one day.