Markets
Crypto Markets Add $80 Billion Daily as Bitcoin (BTC) Explodes to $71,000 (Market Watch)
After failing to clear the $70,000 level on Monday, Bitcoin went on the offensive in recent hours, broke above it and hit a multi-week high above $71,250.
Altcoins have also gone green, with huge gains from Binance Coin, Toncoin, Shiba Inu, Uniswap and others.
BTC sees 2-week high
Price swings at the end of last week could 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. The bulls managed to regain ground over the weekend and bitcoin settled just below $68,000.
The landscape began to change on Monday, when the cryptocurrency jumped to just over $70,000, but was halted again and driven at less than $69,000.
However, this time the bulls were quite persistent and staged another rally on Tuesday evening and Wednesday morning that saw BTC skyrocket to its highest price level in over two weeks of $71,300. This happened in the middle massive inflows in most US spot Bitcoin ETFs.
At the moment, BTC is just above $70,000 and its market capitalization is $1.4 trillion. Its dominance over alternatives is at the same point, at 50.4% on CG.
Bitcoin/Price/Chart 05.06.2024. Source: TradingView
BNB’s new ATH
Perhaps the most notable gainer today from larger-cap alternatives is Binance Coin. After months spent on the sidelines and away from the meme coin craze, BNB jumped nearly $100 in the past day and registered a new all-time high of $715 earlier today, closing the gap with Tether in their battle for the third largest cryptocurrency.
Other impressive gains 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 green, but more modestly.
The total cryptocurrency market capitalization added around $80 billion in one day and is now approaching $2.8 trillion on CG.
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Cryptocurrency charts from TradingView.