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Just when market sentiment was starting to feel bearish, Bitcoin did the exact opposite of what a lot of people seemed to expect. The cryptocurrency’s price skyrocketed, gaining more than $1,000 in mere minutes. Naturally, the majority of the market followed.

Bitcoin Surges More Than $1,000

The last few days were fairly depressing for Bitcoin’s price, as the cryptocurrency lost significant value in a few sudden drops. However, it quickly made up for those losses today.

Bitcoin surged more than $1,000 in less than an hour, producing a massive green candle.

BTC/USD. Source: TradingView

Bitcoin was trading at around $7,400 earlier today, and it marked a massive spike, surging to around $8,400 (a 13% increase) at the time of this writing. Bitcoin’s current market capitalization is close to $150 billion.

Interestingly enough, Bitcoin’s dominance rate didn’t increase by much, remaining around 67%. This means that altcoins have been taking advantage of Bitcoin’s surge.

The Entire Market Feels the Effects

As tends to happen, the entire cryptocurrency market felt the effects of the spike in Bitcoin’s price.

Cryptocurrency Overview. Source: Coin360

Some of the most notable gainers among the top cryptocurrency projects include ETH, whose price is up almost 10%, and Litecoin, which gained upwards of 11%. EOS also managed to gain more than 13%, and Binance Coin (BNB) is up almost 11% in the past hour as well.

While the exact reason for today’s spike has yet to be identified, it’s definitely the case that Bitcoin did the opposite of what a lot of people expected.

Bitcoin shattered important resistance levels along the way without much hesitation. It will be interesting to see how and where the price consolidates going forward.

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