Bitcoin price surge to $ 49,000 is causing several altcoins to hit new all-time highs

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On October 3, the cops made their intentions clear by pushing the price of Bitcoin (BTC) briefly above the $ 49,000 mark, a move that led many traders on Crypto Twitter to demand the high-ranking digital asset, the put down psychological resistance at $ 50,000.

Data from Cointelegraph Markets Pro and TradingView show that after trading in a range with a cap near $ 48,200 for several days, the bulls managed to break higher and climb to an intraday high of $ 49,242, which is a 20% drop Rally since trading at a low of $ 40,890 reached on 09/29.

BTC / USDT 4-hour chart. Source: TradingView

Bitcoin weekend gains follow a roller coaster week that began with markets battling for momentum after renewed regulatory crackdowns in China weighed on market sentiment. By the end of the week, there was some positive news from Federal Reserve Chairman Jerome Powell, who confirmed that the Fed has no intention of banning cryptocurrencies.

Related: Futures-based Bitcoin ETF has a “75% chance of approval” – analyst in October

BTC’s upward movement spread across the markets and helped raise altcoin prices, with several coins in the top 200 posting double-digit gains.

Daily performance of the cryptocurrency market. Source: Coin360

Terra (LUNA) saw its price break ahead of the rest of the market, rising 23.34% from its low of $ 37.52 on October 2nd to a new all-time high of $ 46.09 in the early hours of October 3rd. Secret Network (SCRT) also rebounded, gaining 20.3% to hit a daily high of $ 3.07.

Other notable increases include a 13% increase for Shiba Inu (SHIB) and a 12.4% increase in Tezos (XTZ) and Axie Infinity (AXS) prices.

The total market cap of the cryptocurrency is now $ 2.161 trillion, and the dominance rate of Bitcoin is 41.4%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.