Bitcoin resumed its bull run in the past 24 hours and neared $45,000 for the first time since May 2022 but failed to overcome that level.

Nevertheless, numerous altcoins have outperformed BTC, with ADA, DOT, and AVAX standing out as the most prominent examples.

BTC Came Close to $45K

Last Saturday, precisely a week ago, BTC became its most recent run resulting in nearing $40,000. After failing to overcome that level at first and trading below it on Sunday, Monday started with another leg up that pushed the cryptocurrency north of that line for the first time in over a year and a half.

Since then, bitcoin has not looked back. Just the opposite, it continued to climb higher and found itself jumping above $44,000 on Wednesday. The bears tried to intervene at this point and drove it south to $43,000, but that was short-lived.

The primary digital asset went back on the offensive hours ago, and this time, it went as high as $44,800 to chart a new 2023 peak. Despite losing some ground since then, BTC still trades above $44,000 and is over 2% up on the day.

Its market capitalization has soared past $860 billion, but its dominance over the alts has taken another hit and is down to 52.4%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Nothing But Green

Most alternative coins were trailing behind BTC in the past few weeks, but many have caught up in the last 48 hours. ETH is close to $2,400 after another daily increase, BNB has spiked above $240 following a 5% jump, while XRP (7.5%) sits near $0.7.

Solana, Dogecoin, Polygon, Chainlink, Litecoin, and Uniswap have posted similar gains to XRP. At the same time, Polkadot and Avalanche have exploded by 21-22%. Cardano is in a league of its own with a massive 32% surge. As a result, ADA currently trades well above $0.6.

With most other alts well in the green, the total crypto market cap has soared by over $40 billion and stands above $1.650 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Cryptocurrency charts by TradingView.