Altcoin Boom Ignited as Bitcoin Surges Past $77,000
Bitcoin's recent surge above $77,000 has sparked significant gains in altcoins. According to CoinGecko data, Zcash (ZEC) surged 47.1% in the last 24 hours, reaching $827.02, and is still trading 35% higher today.
Other major altcoins have also seen double-digit percentage increases, with Bitcoin Cash (BCH) gaining 31.4%, Canton (CC) increasing by 20.4%, and Cardano (ADA) rising by 19%. Dogecoin (DOGE) and WhiteBIT Coin (WBT) gained approximately 17.7%.
The overall market trend is upward, with Bitcoin trading around $77,300, Ethereum above $2,430, and XRP up nearly 14% daily. Solana and BNB are also in positive territory.
Analyst Gautam Chhugani attributed the strong movement in Bitcoin to the US Treasury's decision to increase bond buybacks on the long-term portion of the yield curve, which has historically led to a positive response from Bitcoin.