Markets
Crypto Markets Add $150 Billion Daily as Bitcoin (BTC) Soars to 3-Week High (Market Watch)
Bitcoin price action was quite dismal for days, but substantial ETF inflows as well as positive US CPI numbers resulted in massive gains that propelled the cryptocurrency to a 3-week high of over $66,000.
The landscape with altcoins is quite similar, with most turning green daily. ETH is above $3,000, while SOL and NEAR have soared by double digits.
Bitcoin soars above US$66,000
The leading digital asset fell sharply last Friday to just over $61,000 after failing to surpass the $64,000 level. It took advantage of the relatively quiet weekend to regain some traction and remained around $61,000.
Bulls began a notable price rally on Monday that took bitcoin to just over $63,000. Although he was unable to conquer this line at first, he returned to the offensive yesterday, after the US CPI Numbers for April it came out.
The fact that they met expectations of 3.4% resulted in a jump to $64,000. O positive flows in the United States spot BTC ETFs started another rally that pushed the cryptocurrency to a 3-week high of around $66,500.
Despite having lost some ground since then, bitcoin still trades above $66,000 now. Its market capitalization has surpassed $1.3 billion, while its dominance over alts is close to 52%.
Bitcoin/Price/Chart 16.05.2024. Source: TradingView
SUN, NEAR on the rise
As typically happens when BTC moves in one direction, so do most altcoins. Ethereum reclaimed the $3,000 level after a 3.6% increase the previous day. Binance Coin is above $580 after gaining 3%. Similar increases are evident in XRP and DOGE.
Shiba Inu, Avalanche, Polkadot, Bitcoin Cash and Cardano are up somewhere between 6-8%. However, the most impressive gains come from the native Solana token and the NEAR protocol.
SOL is up 13% and is well above $160, while NEAR has soared 17% and is trading above $8.1.
TON and PEPE are the only large-cap companies with notable price drops on a daily scale currently.
The total cryptocurrency market capitalization has added around $150 billion since yesterday’s low and is now above $2.5 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.