Crypto markets experienced a significant boost, adding $70 billion to the total market cap in just one day. Bitcoin continued its impressive ascent, surpassing $60,000 and reaching a peak of over $60,500, which marks its highest point in 16 days. Altcoins also joined the rally, contributing to the overall growth in the market.
Bitcoin’s journey to this new peak has been eventful. After a correction last Friday that brought its price down to $52,500, the cryptocurrency recovered ground over the weekend. However, it made a strong push on Monday, gaining $4,000 within 24 hours and briefly surpassing $58,000. The mid-week period was volatile due to the release of US CPI numbers, resulting in several fluctuations in bitcoin’s value.
Nonetheless, the bull run took hold, initiating another upward movement on Friday that nearly took bitcoin to $60,000. Although it initially failed to breach that level, the cryptocurrency succeeded in surpassing it earlier today, hitting the 16-day high of over $60,500. This surge was influenced by the trend reversal in US spot Bitcoin ETFs, which experienced net outflows of over $400 million in the past week. Additionally, MicroStrategy made another significant bitcoin purchase, acquiring over $1.1 billion worth.
While bitcoin has slightly pulled back, it remains 4% higher for the day. Its market cap has surged to $1.185 trillion, and its dominance over altcoins stands at over 54% according to CG.
Altcoins have been riding the wave with bitcoin as well. Ethereum (ETH) and Binance Coin (BNB) have both gained around 2%, reaching values above $2,400 and $550, respectively. Notable increases have also been seen in other altcoins, including DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). However, TRX experienced small retracements within the past day.
Overall, the cumulative market cap of all cryptocurrencies has surged by approximately $70 billion since yesterday, reaching $2.2 trillion. This impressive growth signals continued positive sentiment in the crypto markets.