Crypto Market Soars as Bitcoin Hits New All-Time High, Altcoins Rally
The cryptocurrency market saw another “green day” Monday, with Bitcoin establishing a new all-time high and a wide range of altcoins climbing. Sui emerged as the top gainer over the last 24 hours, soaring over 15%, with other prominent cryptocurrencies following suit.
According to data from CoinGecko, Sui captured the largest daily increase, climbing more than 15%. It was closely followed by Algorand, which also jumped by over 15%, and Sui hitting a $13.7 billion market cap. Other significant altcoin gains included a 7% rise for XRP and multi-week highs for coins like Solana (+2.7%), Dogecoin (+4.2%), and Cardano (+2.4%). Notably, not a single cryptocurrency ranked within the top 100 by market cap dropped more than 0.3% on the day.
The market-wide rally began Monday morning as leading cryptocurrency Bitcoin surpassed its previous peak, touching the $122,838 mark. The digital asset has maintained its strength, currently trading just under 0.8% below its record. This surge has triggered substantial liquidation of short positions, pushing the established asset’s next potential resistance zone to approximately $125,200 to $127,000.
“Market sentiment in crypto remains bullish. BTC surged explosively [above $122,838], breaking out of a consolidation range and liquidating a large volume of short positions. The next potential liquidation pressure zone lies between $125,200 and $127,000.” – Analyst, Bitunix
Ethereum also climbed 3.4% Monday, extending its promising weekly performance to a nearly 20% rise above the $3,068 threshold. Data highlighted a significant move by prominent gaming entity SharpLink Gaming, which acquired $48.85 million worth of Ethereum through Arkham Intelligence, bringing its cumulative holdings to over $652 million.
An accelerating trend involves traditional public companies allocating treasury assets to cryptocurrency investments, echoing strategies popularized by MicroStrategy. Illustrative of this development, the Canadian cannabis operator previously known as Aphria rebranded to Dogecoin Cash this summer and has accumulated over $3.5 million in Dogecoin.
