Bitcoin Surges to $119K: Altcoins Rally in Historic Crypto Boom
Bitcoin Hits New All-Time High Amid Market Turbulence
Bitcoin’s Remarkable Surge
Bitcoin (BTC) reached a record peak of $119,308 at 2:20 p.m. UTC on Sunday, as reported by CoinDesk, reflecting a 1.4% increase over the last day. This impressive rise occurred despite concerns in the market following former U.S. President Donald Trump’s announcement of a 30% tariff on imports from the European Union and Mexico, shared via Truth Social late Friday.
Resilience in the Crypto Market
The positive outlook in the cryptocurrency sector seems to remain strong, undeterred by geopolitical tensions. Thomas Lee, Chief Investment Officer at Fundstrat Capital, expressed to CNBC that the current imbalance between supply and demand could potentially drive Bitcoin’s price to between $150,000 and $250,000 by the end of the year.
Current Bitcoin Trading Status
As of 4:11 p.m. UTC, Bitcoin was trading around $118,882, marking a 1.38% increase in the previous 24 hours.
altcoin Performance Highlights
In addition to Bitcoin’s performance, altcoins experienced notable gains. Stellar (XLM) surged to $0.4815 before stabilizing at $0.4578, representing a 22% increase within 24 hours. This rally followed a 6% rise on Saturday, when it reached $0.3880, outperforming many other cryptocurrencies in the top 20.
Hedera’s Impressive Gains
Hedera (HBAR) stood out as the leading performer among major cryptocurrencies, achieving an intraday high of $0.2516 and later trading at $0.2439, reflecting a 27% increase over the past day. Crypto analyst Rekt Capital noted that HBAR is closely following its price trajectory from 2021, suggesting a potential breakout if it can surpass its lower high resistance levels.
Market Dynamics and Future Outlook
Rekt Capital also pointed out that a 2.5% decrease in Bitcoin’s market dominance has already sparked significant rallies in altcoins. A further decline in dominance could lead to an accelerated shift of capital into the altcoin market.
The interplay of macroeconomic uncertainties and technical momentum is setting the stage for ongoing volatility and possible upward movement in the cryptocurrency market.
