Bitcoin (BTC) Price Surges Above $57,000, Dogecoin (DOGE) Surges 6% Daily (Market Watch)

After falling below $53,000 on Friday, bitcoin’s reaction has been quite positive as it has gained over $4,000 since then and is now above $57,000.

Most altcoins also saw gains over the past day, with DOGE surging above $0.1 after a 7% surge.

BTC briefly hit $58,000

As mentioned above, last week didn’t go well for the leading cryptocurrency, perhaps due to the massive outflows from Bitcoin spot ETFs in the US. In the span of five days, BTC fell from over $59,000 to below $53,000 on Friday and recorded a monthly low at that time.

But the bulls eventually took over at this point and did not allow a further break towards $50,000 as Arthur Hayes had predicted. Instead, bitcoin regained some ground and held mostly above $54,000 over the weekend.

Monday started with a surge to over $55,000, a slight retracement and another more impressive rally in the evening to reach a 5-day high over $58,000.

However, the asset failed to stay there and has lost around $1,130 million since then. Still, its market cap has climbed to $1.13 trillion, while its altcoin dominance is up 0.4% per day, at 53.7% on CG.

DOGE in great shape

Most altcoins also continued to post minor gains on a daily basis. Ethereum surpassed $2,350 after a 1.4% increase, while BNB reached $520 after a 2.5% surge. SOL is near $135 after gaining 3.7%. Similar increases were seen for TON, BCH, and NEAR.

Dogecoin has become the best performing crypto of the day. DOGE is up over 6% and is now above $0.1.

More impressive gains came from FET (10%), KAS (7.5%), PEPe (8%), STX (7.5%) and RNDR (5%).

The total cryptocurrency market cap increased by over $50 billion overnight and now exceeds $2.1 trillion on CG.