Markets
Crypto Markets Add $150 Billion Daily as Bitcoin (BTC) Hits 3-Week High (Market Watch)
Bitcoin’s price movements have been quite disappointing for days, but strong ETF flows along with positive US CPI numbers led to massive gains that propelled the cryptocurrency to a high of over 66 $000 over 3 weeks.
The altcoin landscape is quite similar, with most turning green daily. ETH is above $3,000, while SOL and NEAR have climbed by double digits.
Bitcoin Skyrockets Above $66,000
The leading digital asset fell last Friday to just over $61,000 after failing to surpass the $64,000 level. It took advantage of the relatively calm weekend to regain some ground and remained around $61,000.
The bulls triggered a notable price rally on Monday that propelled bitcoin to just over $63,000. Even though he initially failed to conquer this line, he went on the offensive yesterday after the US CPI figures for April is out.
Meeting expectations of 3.4% resulted in a jump towards $64,000. THE positive inputs In the United States, spot BTC ETFs launched another rally that pushed the cryptocurrency to a 3-week high of around $66,500.
Despite losing some ground since then, bitcoin is still trading above $66,000. Its market capitalization has surpassed $1.3 trillion, while its alt dominance is close to 52%.
Bitcoin/Price/Chart 05/16/2024. Source: TradingView
GROUND, CLOSE in roll
As typically happens when BTC heads in one direction, most altcoins do as well. Ethereum reclaimed the $3,000 level after a 3.6% increase over the past day. Binance Coin is above $580 after gaining 3%. Similar increases are evident for XRP and DOGE.
Shiba Inu, Avalanche, Polkadot, Bitcoin Cash and Cardano jumped between 6 and 8%. However, the most impressive gains come from Solana and NEAR Protocol’s native token.
SOL is up 13% and sitting well above $160, while NEAR has climbed 17% and is trading north of $8.1.
TON and PEPE are currently the only larger-cap alternative companies whose prices are falling significantly on a daily scale.
The total crypto market capitalization has added around $150 billion since yesterday’s low and now exceeds $2.5 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.