Markets
Cryptocurrency Markets Add $150 Billion Daily as Bitcoin (BTC) Skyrockets to 3-Week High (Market Watch)
Bitcoin’s price action has been quite disappointing for days, but consistent ETF flows and positive US CPI numbers have led to huge gains that have pushed the cryptocurrency to a 3-week high of over $66,000.
The landscape with altcoins is quite similar, with most going green on a daily scale. ETH is above $3,000, while SOL and NEAR have risen to double digits.
Bitcoin skyrockets above $66,000
Last Friday, the leading digital asset slumped to just over $61,000 after failing to clear the $64,000 level. It used the relatively quiet weekend to regain some traction and remained around $61,000.
Bulls initiated a notable price surge on Monday that took bitcoin to just over $63,000. Although it failed to capture that line at first, it went on the offensive again yesterday after the battle US CPI numbers it’s out in April.
The fact that they met expectations of 3.4% resulted in a jump towards $64,000. THE positive inflows In the United States, BTC spot ETFs kicked off another rally that pushed the cryptocurrency to a 3-week high of around $66,500.
Despite losing ground since then, bitcoin still trades above $66,000. Its market capitalization has surpassed $1.3 trillion, while its dominance over alts is close to 52%.
Bitcoin/Price/Chart 16.05.2024. Source: TradingView
SOL, NEAR in style
As is usually the case when BTC heads in one direction, so do most altcoins. Ethereum has reclaimed the $3,000 level after rising 3.6% over the past day. Binance Coin is above $580 after gaining 3%. Similar increases are evident from XRP and DOGE.
Shiba Inu, Avalanche, Polkadot, Bitcoin Cash and Cardano increased by 6-8%. However, the most impressive gains come from Solana and the NEAR protocol’s native token.
SOL is up 13% and trading well above $160, while NEAR has skyrocketed 17% and is trading north of $8.1.
TON and PEPE are the only large-cap alternatives with notable price drops on a daily scale now.
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 from TradingView.