The crypto market has seen impressive gains in the past 24 hours, led by Bitcoin’s historic breakout above $124,000. The world’s largest cryptocurrency surged 3.55% in a day and over 8% in the past week, pushing the total market cap to $4.19 trillion. This rally comes with strong market sentiment, reflected in a Fear & Greed Index reading of 68, indicating greed.
Ethereum also posted a 3.09% daily rise, trading at $4,762 and boasting a massive 30% gain in the last seven days. XRP followed closely with a 3.46% uptick to $3.33, while Solana jumped 4.6% to $206.58, adding to its impressive 23% weekly climb. Dogecoin continued its strong momentum, rallying 7.63% in a day and 24.5% over the week.
Cardano stood out as one of the biggest altcoin winners, soaring 15.25% in 24 hours and over 32% in a week, now nearing the $1 mark. Other movers included Hyperliquid (HYPE), up 7% in a day and 26% over the week, and Stellar (XLM), which climbed 4.78% in 24 hours.
While the broader market remains in a bullish phase, the Altcoin Season Index stands at 43/100, meaning Bitcoin still dominates the rally, though altcoins are catching up fast.
Bitcoin Breaks Past $124K, ETH Follows
Bitcoin crossed $124,000 on Tuesday evening, breaking its previous July high of $123,369 and entering price discovery once again. The rally marks a bullish turn for the crypto market, with analysts expecting more gains in August.
Ethereum also surged past $4,700 before cooling slightly, while altcoins are beginning to pick up momentum as liquidity rotates out of Bitcoin. Historically, Bitcoin leads these runs before funds move into other cryptocurrencies.
Bitcoin has confirmed a breakout, turning $120,000 into a new support level. Market indicators, including the MACD, show bulls in control, with potential for fresh all-time highs soon. While a correction could arrive by early September, sentiment remains strong.
