Markets
Crypto Markets Add $200 Billion Overnight as BTC, ETH Hit 6-Week Highs (Market Watch)
After a few days of trading sideways 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 soared around 20% at one point amid renewed hopes of the US SEC’s upcoming approval of ETH ETFs.
BTC recovers $72,000
The ever-volatile crypto market can change a lot in the span of a week and that’s exactly what happened over the past seven days. Last Tuesday, the leading cryptocurrency failed to surpass $63,000 and fell back to $61,000.
However, its value began to increase after the release of US CPI figures on Wednesday and climbed to around $67,000. After a few more fluctuations around this level, the asset calm over the weekend and was mostly between $66,000 and $67,000.
Monday also started on a calm note, but the landscape changed during the evening US trading session and BTC soared right off the bat. In a few hours, cryptocurrency skyrocketed by around five thousand dollars and reached a six-week high of $72,000.
Despite retracements since then, BTC still sits above $70,000, up 6% on the day. Its market cap has reached $1.4 trillion, but its dominance over alts has been reduced to less than 51%.
Bitcoin/Price/Chart 05/21/2024. Source: TradingView
The ETH show
The news that sent the entire crypto market flying was related to Ethereum and the possible approval of spot ETFs in the United States. Naturally, it was the underlying asset that gained the most. ETH exploded by 20% at one point, from around $3,100 to over $3,700, which became its highest price since April 9.
Binance Coin, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Polkadot and Bitcoin Cash are also well in the green, with gains of up to 8%. Avalanche is the other double-digit gainer among the larger-cap alts.
The total crypto market capitalization added around $200 billion in a day. This figure now stands at $2.75 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.