Altcoin Market Surges as Bitcoin Breaks Above $80,000
The cryptocurrency market has seen a surge in altcoin prices, led by Bitcoin's breakout above $80,000. According to Bitfinex, this move has been driven largely by aggressive spot demand, with U.S. spot Bitcoin ETFs posting seven straight positive sessions and absorbing roughly 12 times the Bitcoin mined during that period.
Nineteen of the 20 largest liquid altcoins have gained more than 12% between Aug. 18 and Aug. 25, with some outperforming Bitcoin's 20% advance. Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), XRP (CRYPTO: XRP), and Zcash (CRYPTO: ZEC) have all seen significant gains, while Aave (CRYPTO: AAVE) has gained over 40%. Hyperliquid has reached a new all-time high.
Tron (CRYPTO: TRX), however, is the only major altcoin to largely sit out the move, with a gain of just 1%. The TOTAL3 market capitalization has climbed 21% to $791.5 billion, its highest level in 203 days. Ethereum's price has also strengthened against Bitcoin, with the ETH/BTC ratio rising roughly 5%.