Hassan Maishera
TL;DR
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Bitcoin surged by more than 4% on Monday to trade around $70,900 per coin.
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Ether, SOL, BNB and AVAX all recorded healthy gains in the last 24 hours.
BTC Tops $70k, Analysts Predict $83k Next
Bitcoin has continued its fine start to the week after adding more than 4% to its value on Monday. The rally saw Bitcoin trade close to the $71k level for the first time in over a week.
BTC touched $70,900 per coin before retracing to now trade around $69,700. There was no major catalyst behind this rally, as the market is simply embarking on a healthy recovery.
Furthermore, Bitcoin’s rally didn't trigger mass short liquidations, suggesting that most traders weren’t using leverage to bet on falling prices. According to analytics firm 10x Research, Bitcoin could be targeting a new all-time high at $83k next.
The rally wasn’t exclusive to Bitcoin alone. The leading altcoins also rallied higher in the last 24 hours. Ether is up by 4% and is currently trading at $3,585 per coin. Meanwhile, BNB, SOL, and AVAX are all up by more than 3% during that period. Thanks to this rally, the total cryptocurrency market cap now stands at $2.64 trillion, up by 4% in the last 24 hours.
