HYPE Explodes by 20%, Bitcoin Now Bigger Than Amazon, Google (Market Watch)

Bitcoin’s price finally broke the January all-time high and set a new record earlier today of almost $112,000 as its market cap flew past the $2.2 trillion line.

Many altcoins have posted even more impressive gains over the past day, led by HYPE’s meteoric rise beyond $30.

BTC’s New ATH

BTC broke above $100,000 on May 8 and has maintained within a six-digit price territory ever since. In the following weeks, it remained in a relatively tight range between $103,000 and $105,000 aside from a few false breakout attempts to either side.

The past weekend saw another surge toward the upper boundary, which was initially stopped by the bears. More volatility ensued as the business week progressed. In short, BTC pumped to $107,000 on a couple of occasions, but each rejection pushed it south by several grand.

That was until yesterday, when the bulls took complete control of the market, pushed beyond that resistance, and finally helped the primary cryptocurrency break its January all-time high of around $109,100 and set a new one at almost $110,000. At first, bitcoin was driven south again, to almost $106,000, but the situation reversed during the Monday morning Asian trading session when it flew to nearly $112,000 to set a fresh record.

Despite dropping to $110,500 at this point, its market cap has risen to around $2 billion, which makes bitcoin the fifth-largest asset by that metric. It’s above giants like Amazon and Alphabet (Google) but trails behind Apple and gold, which is the undisputed leader.

HYPE Rises

The altcoins have turned green as well today, with ETH surging by 5% and climbing above $2,650. XRP is up by 3.8% and sits well above $2.4, while BNB has jumped past $680 after a 5% daily pump. Even more impressive gains come from the likes of SOL, DOGE, ADA, SUI, LINK, AVAX, and SHIB.

However, the day belongs to HYPE, which has skyrocketed by 19% and now trades above $31.

With most other lower- and mid-cap alts well in the green, the total crypto market cap has soared by over $120 billion and sits beyond $3.6 trillion on CG now.