Altcoin Market Surges as Bitcoin Breaks Above $80,000

The recent breakout of Bitcoin above $80,000 has led to a surge in altcoin prices. According to Bitfinex, 19 out of 20 largest liquid altcoins have joined the rally, with Ethereum, XRP, Solana, and Dogecoin gaining between 20% and 30%. Zcash saw an impressive 50% increase, while Aave gained over 40%. Hyperliquid reached a new all-time high.

The total market capitalization of altcoins, excluding Bitcoin and Ethereum, rose by 21% to $791.5 billion. This is the highest level in 203 days. The rally has been driven largely by aggressive spot demand and sustained ETF inflows.

Bitfinex sees $77,100 to $81,000 as Bitcoin's near-term range. A drop below $77,100 could put the rally's durability in question. However, sustained ETF inflows and spot buying could fuel a breakout above $81,000.