Bitcoin Hits $116k as Market Begins the New Week Bullish

TL;DR

• Bitcoin is up 3.5% in the last 24 hours and hit the $116k level earlier today.

• Altcoins are also rallying, with the total crypto market cap approaching $4 trillion once again.

BTC Tops $116k Following a Strong Weekend Rally

The cryptocurrency market is having a positive start to the week after underperforming for most of this month. Bitcoin, the leading cryptocurrency by market cap, has added 3.5% to its value in the last 24 hours and briefly touched the $116k level earlier today.

It is now trading above $115,500 and could rally towards the $118k Internal Liquidity (ILQ) level in the near term. The rally comes after Bitcoin traded below the $110k level for most of last week amid the ongoing trade war between the United States and China.

Bitcoin’s rally has also fueled similar moves among altcoins, with Ether hitting $4,200 after adding 5.5% to its value.

Binance’s BNB is approaching $1,200 as it is up by nearly 3%. Thanks to the ongoing rally, the total cryptocurrency market cap has now surpassed the $3.9 trillion mark.