Bitcoin price surged to $49,000, prompting several altcoins to hit record highs

On Sunday, the bulls briefly pushed Bitcoin (Bitcoin) The price is higher than the level of 49,000 USD. This move has prompted many traders on the cryptocurrency Twitter to call for the top-ranked digital assets to reduce the psychological resistance level to 50,000 USD.

Data from Cointelegraph Markets Pro with Transaction view It shows that after trading within a range of close to the upper limit of US$48,200 within a few days, the bulls successfully broke through and climbed to an intraday high of US$49,242, which has risen by 20% since trading at a low of US$40,890 on September 29.

BTC/USDT 4-hour chart. source: Transaction view

After a roller coaster week, Bitcoin’s weekend rally started after China resumed regulation to suppress market sentiment and the market struggled to find momentum.By the end of this week, Fed Chairman Jerome Powell had some good news. He confirmed that the Fed had Unintentionally banning cryptocurrencies.

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The bullish trend of BTC spread to the entire market and helped push up the price of altcoins. Many of the top 200 tokens achieved double-digit gains.

Daily cryptocurrency market performance. source: Coin 360

The price of Terra (LUNA) broke through before other markets, rising 23.34% from the low of $37.52 on October 2 and hitting a record high of $46.09 in the early morning of October 3. Secret Network (SCRT) also rose 20.3% and hit a daily high of US$3.07.

Other notable gains included Shiba Inu (SHIB) rising 13% and Tezos (XTX) and Axie Infinity (AXS) prices rising 12.4%.

The overall market value of cryptocurrencies is now $2.161 trillion, and Bitcoin’s dominance rate is 41.4%.

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