Bitcoin price surge to $49K prompts several altcoins to hit new all-time highs

Bulls made it clear that they wanted to push Bitcoin (BTC), price to $49,000, on Sunday. This move prompted many crypto traders to use Twitter to ask for the top-ranked digital asset in order to lower the psychological resistance of $50,000.

TradingView and Cointelegraph Markets Pro data show that bulls broke higher after trading for several days in a range near $48,200. This was a 20% increase from the September 29 low of $408,890.

Chart for BTC/USDT 4 hours TradingView

After a week of rollercoaster trading, Bitcoin’s weekend gains come after the market lost momentum due to renewed Chinese regulatory crackdowns. The Federal Reserve Chair Jerome Powell confirmed that the Fed does not intend to ban cryptocurrencies at the end of the week.

Related: Futures-based Bitcoin ETF will have a 75% chance of approval in October — analyst

BTC’s bullish move reverberated across markets, helping to lift altcoin prices. Many coins in the top 200 saw double-digit gains.

Everyday cryptocurrency market performance. Source: Coin360

Terra (LUNA), which saw its price rise ahead of the rest, climbed 23.34% to $46.09 from its Oct. 2 low of $37.52 and reached a new all time high of $46.09 in early morning hours of Oct. 3. Secret Network (SCRT), which also saw a rally of 20.3%, reached a daily high of $3.07.

Other notable increases include an 13% increase in Shiba Inu’s (SHIB), and a 12.4% rise in Tezos(XTX), and Axie Infinity’s (AXS).

The total cryptocurrency market is now worth $2.161 trillion, and Bitcoin’s dominance rate at 41.4%.

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