The crypto market saw a significant surge, with Bitcoin and most altcoins rising by double digits.

The crypto market saw a significant surge, with Bitcoin and most altcoins rising by double digits. Bitcoin price soared to $101500 for the first time in months.

The crypto market saw a significant surge on Thursday, with Bitcoin and most altcoins rising by double digits. Bitcoin price soared to $101,500 for the first time in months, while the market cap of all coins jumped by 6.85% to $3.17 trillion. Some of the top gainers were altcoins like Pi Network, Brett, Uniswap, and Virtual.

Why Altcoins Pi Network, Brett, Uniswap, and Virtual Jumped

Pi Network price surged by over 10% on Thursday after the developers hinted at a major announcement during next week’s Consensus event in Toronto, Canada. Analysts are speculating that the announcement will be an ecosystem fund or a major exchange listing. These events may help boost the coin after it plunged by over 80% from its peak.

Brett, the biggest meme coin on the Base Blockchain, jumped by 45%, making it one of the top players in the ecosystem. Brett’s surge occurred as the volume processed on the Base Blockchain jumped to over $830 million.

Uniswap price surged as previously predicted because of the ongoing growth of Unichain, its layer-2 network. Unichain has handled almost $2 billion worth of transactions in the last seven days, bringing the 30-day volume to $5.25 billion.

VIRTUAL, the token for the Virtuals Protocol, soared as demand for tokens within Virtuals Protocol’s ecosystem, including GAME, VaderAI, Ribbita, and aixbt, rose. Indeed, some of the top ecosystem coins like GAME, VaderAI, Ribbita, and aixbt were among the top gainers.

Read More: ETH Surges Above $2,000, Reaching Highest Peak in 41 Days

Top Catalysts for the Altcoin Surge

There were two main catalysts for the altcoins’ surge. First, the market cheered the potential end of Donald Trump’s trade war after he reached a deal with the United Kingdom and hinted that more deals were coming. The US is also set to start negotiating with China during the weekend.

Second, Coinbase acquired Deribit, a top player in the options and futures industry, in a $2.9 billion deal. This acquisition came a few weeks after Kraken acquired NinjaTrader and Ripple Labs bought Hidden Road. These actions mean that the crypto industry is maturing.

Third, these altcoins rose after Bitcoin price crossed the important milestone of $102,000 for the first time since January. Surpassing this price increases the likelihood of reaching a record high of $109,300.

Bitcoin’s price also increased as Wall Street investors bolstered their positions, with inflows jumping to over $500 million this week. Altcoin prices do well when Bitcoin price is in an upward trajectory.

News data source: kdj.com

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