The price of Bitcoin (BTC) caught the crypto market by surprise this morning as it rapidly surged over $2,500 to reach a new 26-month high above $53,500.
Triggering the massive spike was a sudden influx of buying pressure that allowed BTC to shatter its weekend resistance around $52,000. Within minutes, the leading cryptocurrency had exploded to $53,750 on Bitstamp, its highest level since December of 2021.
Bitcoin has since pulled back slightly but continues trading above $53,000. Meanwhile, its market cap now exceeds $1.05 trillion.
In the wake of Bitcoin’s rally, major altcoins have also jumped. Ethereum is changing hands above $3,150 following gains of over 3.5%, while Binance Coin (BNB) briefly topped $400 for the first time since last May.
Other notable movers include MATIC, NEAR, XMR, and INJ, all up more than 5% in the last 24 hours.
The intense volatility has liquidated $172 million worth of futures positions, per CoinGecko data, with shorts accounting for most of the wreckage.
Overall, the sudden surge shows the bulls have regained control and hints further upside could be in store for the crypto market.
