Markets
Crypto Markets Add $200 Billion Overnight as BTC, ETH Rise to 6-Week Highs (Market Watch)
After a few days of sideways trading at around $67,000, Bitcoin went on the offensive yesterday, jumping several thousand dollars to a multi-week high of $72,000.
The altcoin rally was led by Ethereum, which at one point skyrocketed around 20% amid re-emerging hopes that the US SEC will soon approve ETH ETFs.
BTC Recovers $72,000
The ever-volatile cryptocurrency market can change a lot in the span of a week and that’s exactly what happened over the last seven days. Just last Tuesday, the leading cryptocurrency failed to break above $63,000 and dropped to $61,000.
However, it started to increase in value once the US CPI numbers were released on Wednesday and rose to around $67,000. After a few more fluctuations around that level, the asset calmed down over the weekend and settled mostly in a range of $66,000 to $67,000.
Monday also started on a calm note, but the landscape changed during the evening trading session in the US and BTC exploded. Within a few hours, the cryptocurrency skyrocketed of around five thousand dollars and marked a 6-week high of $72,000.
Despite the retracement since then, BTC still sits above $70,000, up 6% on the day. Its market capitalization has reached $1.4 trillion, but its dominance over alternatives has been reduced to less than 51%.
Bitcoin/Price/Chart 05.21.2024. Source: TradingView
The ETH show
The news that sent the entire cryptocurrency market soaring concerned Ethereum and the possible approval of spot ETFs in the United States. Naturally, the underlying asset gained more. ET shot by 20% at one point from around $3,100 to over $3,700, which became its higher price from 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 stock among large-cap alts.
The total capitalization of the cryptocurrency market added around $200 billion in one day. The benchmark is now up to $2.75 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.