Bitcoin Returns to $80,000..."Altcoin Bull Run Reopens"

▲ Bull market/ChatGPT generated image

Bitcoin (BTC) has recovered the $80,000 mark, with some altcoins showing double-digit surges, taking center stage in the weekend market. ONDO and Jupiter (JUP) showed the strongest upward trend among the top 100 altcoins by market capitalization, while SIREN, Internet Computer (ICP), and Venice Token (VVV) also recorded significant gains.

CryptoPotato reported on May 9 that Bitcoin had recovered the $80,000 mark, and the altcoin market saw strong gains from ONDO, SIREN, JUP, ICP, and VVV. Bitcoin had fallen to $75,000 after the US Federal Open Market Committee (FOMC) froze interest rates, but then rose by about $8,000 to hit a three-month high of $82,800.

However, a correction also appeared after the short-term surge. Bitcoin fell to $79,100 over Thursday and Friday, dropping about $4,000 from its local high. But after US President Donald Trump announced a three-day ceasefire between Russia and Ukraine, Bitcoin quickly rebounded to reclaim the $80,000 mark.

Bitcoin's market capitalization again exceeded $1.6 trillion according to CoinGecko. However, with altcoins showing stronger gains, Bitcoin's market share fell to 58.1%.

The altcoin market generally showed an upward trend. Ethereum (ETH) recovered $2,300 with a slight increase, while XRP and BNB continued to compete for the 4th spot in market capitalization. XRP showed a slight edge with a 3% increase in one day.

Solana (SOL), Cardano (ADA), Chainlink (LINK), and CC rose by 5% to 8%. Zcash (ZEC) rose 10% to $630, and SUI, UNI, and NEAR also joined the upward trend.

The most notable gains came from ONDO and JUP. ONDO surged 25%, and JUP surged 24%. ICP rose 20%, SIREN 19%, FIL 16%, VVV 15%, and ARB 13%, leading the altcoin bull market.

The total cryptocurrency market capitalization also showed a recovery. CryptoPotato reported that the total cryptocurrency market capitalization increased by more than $40 billion since the previous day's low, reaching $2.78 trillion according to CoinGecko.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*