Markets
Cryptomarkets Add $80 Billion Daily as Bitcoin (BTC) Explodes to $71K (Market Watch)
After failing to surpass the $70,000 level on Monday, bitcoin went on the offensive in the last few hours and surpassed that level to reach a multi-week high of over $71,250.
Altcoins also turned green, with massive gains from companies like Binance Coin, Toncoin, Shiba Inu, Uniswap and others.
BTC Hits 2-Week High
The price fluctuations at the end of last week did not predict what would happen at the beginning of the current one. At the time, BTC was stopped at $69,000 and pushed violently south to $66,600. Bulls managed to regain some ground over the weekend, and bitcoin settled at just under $68,000.
The scenario began to change on Monday when the cryptocurrency jumped to just over $70,000, but was once again halted and directed for less than $69,000.
However, the bulls were quite persistent this time and fueled another rally on Tuesday night and Wednesday morning that saw BTC soar to its highest price level in over two weeks at $71,300 . This happened in the middle massive flows in most US spot Bitcoin ETFs.
As of now, BTC is inches above $70,000 and its market cap is $1.4 trillion. Its dominance over alts remains at the same position at 50.4% in CG.
Bitcoin/Price/Chart 05.06.2024. Source: TradingView
New BNB ATH
Perhaps the most notable gainer today from the larger-cap alts is Binance Coin. After months away from the meme coin craze, BNB jumped almost $100 in the last day and registered a new all-time high of $715 earlier today, closing the gap on Tether in its battle for the third-largest cryptocurrency.
The other impressive gainers include Toncoin (10%), Shiba Inu (9.6%), NEAR (6.7%), UNI (17.6%), WIF (7.7%), and CRO (6%).
ETH, XRP, ADA, LINK, TRX, DOGE, SOL and DOT are also in the green, but more modestly.
The total cryptocurrency market capitalization amounted to around $80 billion in one day and is now close to $2.8 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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