Bitcoin price nears $49K with several altcoins hitting new all-time highs

Bulls made their intentions clear on Sunday by briefly pushing Bitcoin price above the $49,000 level, a move that prompted many traders on crypto Twitter to call for the top-ranked digital asset to knock down the psychological resistance at $50,000.

Bitcoin price nears $49K with several altcoins hitting new all-time highs

After trading in a range with an upper limit near $48,200 for several days, BTC managed to break higher and climb to an intraday high at $49,242, capping a 20% rally since trading at a low of $40,890 on Sept. 29.

The weekend gains for Bitcoin come following a rollercoaster week that began with the markets struggling for momentum after a renewed regulatory crackdowns in China weighed on the market's sentiment. 

By the end of the week, some positive news came from Federal Reserve chair Jerome Powell who confirmed that the Fed has no intention of banning cryptocurrencies.

The bullish move of Bitcoin rippled across the markets and helped lift altcoin prices, with multiple coins in the top-200 realizing double-digit gains.

Among the best performing altcoins, Terra (LUNA) saw its price breakout ahead of the rest of the market and climbed 23.34% from its low of $37.52 on Oct. 2 to reach a new all-time high at $46.09 in the early morning hours on Oct. 3. Secret Network (SCRT) also rallied to gain 20.3% and hit a daily high at $3.07. Other notable increases include a 13% gain for Shiba Inu (SHIB) and, a12.4% surge in Tezos (XTZ) and Axie Infinity (AXS) price.

The cryptocurrency market now stands at $2.112 trillion with 42.5% Bitcoin’s dominance and 18.7% of Ethereum.

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