Markets
Crypto Markets Add $200 Billion Overnight as BTC, ETH Hit 6-Week Highs (Market Watch)
After a few days of trading sideways around $67,000, bitcoin went on the strong offensive yesterday, jumping several thousand dollars to a multi-week high of $72,000.
The altcoin rally was led by Ethereum, which soared roughly 20% at one point amid re-emerging hopes that the US SEC would approve ETH ETFs soon.
BTC recovers US$72 thousand
The ever-volatile crypto market can change a lot in the space of a week and that is exactly what has happened over the last seven days. Last Tuesday, the primary cryptocurrency failed to surpass $63,000 and fell back to $61,000.
However, its value began to rise as soon as the US CPI numbers were released on Wednesday and shot up to around $67,000. After a few more fluctuations around this level, the asset calmed over the weekend and was mostly in the $66,000 to $67,000 range.
Monday also started calmly, but the scenario changed during the US evening trading session and BTC exploded. In a matter of hours, the cryptocurrency shot by around five thousand and reached a 6-week high of $72,000.
Despite the pullback since then, BTC is still above $70,000, up 6% on the day. Its market capitalization reached $1.4 billion, but its dominance over alts was reduced to less than 51%.
Bitcoin/Price/Chart 21.05.2024. Source: TradingView
ETH Show
The news that sent the entire crypto market flying was related to Ethereum and the eventual approval of spot ETFs in the United States. Naturally, the underlying asset gained the most. ETH shot by 20% at one point, from about $3,100 to over $3,700, which became his higher price since April 9th.
Binance Coin, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Polkadot and Bitcoin Cash are also in the green, with gains of up to 8%. Avalanche is the other double-digit gainer of the larger-cap alts.
The total crypto market capitalization added approximately $200 billion in one day. The metric is now $2.750 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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