Bitcoin has soared to unprecedented heights, reaching a record price of $119,308 around 2:20 p.m. UTC on Sunday, according to CoinDesk Data price information. This impressive surge marks a 1.4% increase over the last day.
This new milestone for Bitcoin comes after recent statements made by former President Donald Trump on Truth Social, where he proposed imposing 30% tariffs on goods arriving from both the EU and Mexico.
Despite the news regarding potential tariffs, optimistic investors remain confident, projecting even greater price surges before the year concludes. Thomas Lee, CIO of Fundstrat Capital, mentioned in a recent interview on CNBC that the existing imbalance between Bitcoin demand and supply could realistically drive prices to between $150,000 and $250,000 by year’s end.
Currently, around 4:11 p.m. UTC, Bitcoin’s value is approximately $118,882, reflecting a 1.38% gain over the previous 24 hours.
On a related note, Stellar (XLM) peaked at around $0.4815 (at 3:20 p.m. UTC) on the same day. It’s now trading near $0.4578, marking an impressive 22% increase in the last 24 hours. This upswing isn’t completely unexpected; XLM experienced a 6% jump to $0.3880 on Saturday, exceeding the performance of most cryptocurrencies in the top 20 by market capitalization.
Hedera (HBAR) reached its daily high of $0.2516 around 3:10 p.m. UTC. It’s currently valued near $0.2439, a notable 27% rise in the past 24 hours, making it the best-performing cryptocurrency among the top 20 today.
Altcoin rotation
Crypto analyst Rekt Capital pointed out on platform X that HBAR’s recent 62% gain mirrors its 2021 price movements, hinting towards a similar breakout pattern for the token. The analyst suggests HBAR’s performance has been “almost perfectly” mirroring the 2021 pattern, indicating that any minor dip in the immediate future should be regarded as a potential opportunity to retest and surpass the existing lower high resistance.
The same analyst also highlighted that even a small 2.5% reduction in Bitcoin’s market dominance has provided the fuel for considerable rallies across various altcoins. The analyst suggested that if such a small drop can trigger outsized altcoin moves, a more substantial drop in dominance – into double-digit territory – could significantly accelerate capital rotation into the altcoin market.