The cryptocurrency market has seen a notable recovery over the last 24 hours, with Bitcoin (BTC) exceeding $111,000. Several leading altcoins displayed even greater performance, achieving daily gains of approximately 10-11%.

BTC Heads North

At the end of the previous business week, Bitcoin experienced a setback, dipping below $104,000. However, during the weekend, bearish momentum weakened, allowing its value to gradually rise to $111,200 according to CoinGecko data.

BTC Price Chart Source: TradingView

The recent price increase has been linked to a statement made by President Donald Trump, who announced a meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Seoul on October 31. He referred to Xi as “a very strong leader, a very amazing man,” suggesting the potential for a fair agreement between the two global powers without escalating into a trade war.

With the resurgence in Bitcoin’s price, its market capitalization has surpassed $2.2 trillion, and it maintains approximately 57.1% dominance over altcoins.

These Alts Steal the Show

Ethereum (ETH) surged 5% in the last 24 hours, surpassing the psychological barrier of $4,000, outperforming Bitcoin during this time.

Moreover, other significant altcoins such as Chainlink (LINK), Zcash (ZEC), and Mantle (MNT) have experienced even more remarkable increases, ranging from 10-11%. Additionally, Dogecoin (DOGE), Hyperliquid (HYPE), Cardano (ADA), and Near Protocol (NEAR) have all shown positive movement, although they are not enjoying as steep a rise. The only exceptions on October 20 are Provenance Blockchain (HASH) and Flare (FLR).

The total cryptocurrency market cap has jumped to around $3.87 trillion, resulting in an addition of roughly $150 billion in just 24 hours.