Bitcoin’s price shot up to almost $106,000 for the first time in over four months after the US and China rescinded their massive tariffs imposed last month.
Many altcoins have exploded over the past day once again, led by Pi Network’s mindblowing surge of over 60% as of now. Many meme coins have registered notable gains as well.
New ATH Coming Soon?
If we roll back the clock for a week, we will see that BTC’s price struggled to remain above $94,000 last Monday. After some hesitation around that level for the next day or so, the cryptocurrency started charting impressive gains as the US and China promised to have trade talks during the weekend in Switzerland.
The former also struck a deal with the UK, and the overall improving macroeconomic landscape resulted in more gains for the largest digital asset. Bitcoin skyrocketed past $100,000 on Thursday and kept climbing to $104,000 on Friday.
It faced some resistance there and traded quietly during the weekend, but the bulls went on the offensive once again on Monday morning. At first, Beijing and Washington were slightly vague in their wording about the talks, but later details revealed that both have agreed to lower the tariffs significantly for an initial 90-day period.
BTC jumped to a new multi-month peak of $105,800 (on Bitstamp) before it slipped back down to the current $104,500. Its market cap has risen to $2.075 trillion on CG, while its dominance over the alts has taken another hit and is down to 59.5%.
PI, WIF Fly
As reported earlier, Pi Network’s native token has stolen the show once again. Its gains have only amplified since then and PI is up by over 60% as of press time now, trading above $1.5.
WIF follows suit in terms of daily price pumps, having surged by 45% and returning to the top 100 alts by market cap. Other impressive gainers from the larger-cap altcoins include KAS (22%), PEPE (18%), SHIB (9%), DOGE (8%), and LINK (7%).
ETH and XRP have jumped by around 3% each to $2,580 and $2.43, respectively.
The total crypto market cap is up to $3.5 trillion on CG now, meaning another $50 billion added since yesterday.
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Cryptocurrency charts by TradingView.
