Highest since May and 51% monthly (Weekend Watch)

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Bitcoin has launched another impressive milestone in the past 24 hours, surpassing $ 49,000 for the first time since mid-May. Alternative coins joined the race with notable gains including an 8% increase in BNB and 10% increases in Polkadot and Solana.

Bitcoin has come close to $ 50,000

It was just two days ago, August 19, when the situation in the bitcoin landscape looked rather negative. The asset had lost several thousand dollars in value in hours and had fallen below $ 44,000.

However, this is where it all changed when the bulls came to play. A day later, BTC rose by around $ 3,000 as reported yesterday and hit $ 47,000. While this was an impressive price increase, the cryptocurrency had more to offer.

He continued to climb and hit $ 48,000. Unlike the last two attempts to overcome this particular level, this time around has proven to be a success. Additionally, BTC continued north and even broke above $ 49,000 to hit a daily high of over $ 49,400 (on Bitstamp). It became its highest price line since the mid-May crash.

Right now, bitcoin still stands at around $ 49,000. On a more macro scale, that means BTC is up around 50% since the start of the month. Its market cap is well over $ 900 billion, and its dominance in alts has also recovered slightly after recent declines.

BTCUSD. Source: TradingViewAltcoins in green; BNB 8% up

Alternative coins see nothing but green today as well. Interestingly, Ethereum is among the more modest performers, with an increase of 2.5%. As a result, ETH is trading at just under $ 3,300.

Cardano, which hit a new all-time high yesterday at $ 2.58, remained close to $ 2.5. Ripple (2.5%) and Dogecoin (3%) also rose in similar percentages.

Binance Coin, which was overtaken by ADA as the third largest cryptocurrency, was up 8% on the day. As a result, BNB hit a multi-month high at $ 460.

Solana hit a new all-time high of around $ 80 after rising 11%. The most impressive gains from larger cap alts come from Polkadot (10%), Uniswap (6%), Bitcoin Cash (6%) and Chainlink (8%).

Overview of the cryptocurrency market. Source: quantifying crypto

Avalanche (25%) is the top performer in the top 100, followed by Telcoin (15%), Bitcoin Gold (15%), Synthetix (15%), Polygon (13%) and ICON (12%).

The crypto market cap rose by around $ 100 billion to a multi-month high at over $ 2.1 trillion.

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TradingView cryptocurrency charts.

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