Injective, Fantom soar as Bitcoin price surges past $68k
- Injective price rose 10% to above $27.26, while Fantom hit $0.96 after surging 12%.
- Gains for the altcoins came as Bitcoin price crossed the $68,000 mark to hit its highest level since April 12.
Bitcoin (BTC) price rose more than 2% in afternoon trading on Monday as bulls broke above $68,000.
This is the first time that the flagship crypto asset has reached these levels since April 12 – when BTC fell from highs of $69,100.
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Injective, Fantom prices surge
As the benchmark cryptocurrency looked towards the $69k mark, a host of altcoins mirrored the upside. Ethereum broke above $3,150, BNB hit $580 and Solana price rose to above $181, notching a 24-hour uptick of nearly 6%.
However, some of the biggest gainers on the day were Injective (INJ) and Fantom (FTM).
According to data from CoinGecko, Injective price was up 10% to $27.26 at the time of writing. Meanwhile, Fantom continued its recent upward momentum with a 12% spike that saw FTM price hit highs of $0.96.
Injective’s 24-hour trading volume rose more than 113% to $121 million, while Fantom’s was up 11% to over $385 million.
Bitcoin price hits highest level in over a month
BTC’s jump to $68,679 on Coinbase saw the leading cryptocurrency reach its highest price level in more than a month.
The sudden spike in the price of Bitcoin comes after the benchmark cryptocurrency bounced sharply following last week’s release of the US Consumer Price Index (CPI) data.
On May 15, BTC price rose more than 8% from lows of $61,539 to highs of $66,480 as stocks rallied amid the softer-than-expected CPI data for April.
Today’s gains come as the spot Bitcoin ETFs resume sharp inflows after the past few weeks recorded unimpressive numbers.
Analysts at QCP noted last week that the slowing inflation, institutional adoption of Bitcoin and the upcoming US election could provide catalysts for new momentum that takes BTC to above $74k.
As Bitcoin extends gains above the $66k support level, it’s likely a breakout above the $70k area will open a path for bulls to target a new all-time high.
Before then, crypto analyst Rekt Capital expects a run to the $71,500 area.