Markets
Crypto Markets Add $80 Billion Daily as Bitcoin (BTC) Explodes to $71,000 (Market Watch)
After failing to breach the $70,000 level on Monday, Bitcoin went on the offensive over the past few hours and surpassed it to reach a multi-week high of over $71,250.
Altcoins also turned green, with massive gains from Binance Coin, Toncoin, Shiba Inu, Uniswap and others.
BTC sees 2-week spike
The price fluctuations at the end of last week did not allow us to predict what would happen at the start of the current week. At the time, BTC was stopped at $69,000 and pushed violently south to $66,600. The bulls managed to regain some ground over the weekend and bitcoin settled at just under $68,000.
The landscape began to change on Monday when the cryptocurrency surged to just over $70,000 but was once again stopped short and led at less than $69,000.
However, the bulls were quite persistent this time around and powered another rally on Tuesday evening and Wednesday morning that saw BTC skyrocket to its highest price level in over two weeks, at 71,300 $. This happened in the middle massive influx in most US spot Bitcoin ETFs.
Currently, BTC is above $70,000 and its market capitalization is $1.4 trillion. Its dominance over alts stands at the same place at 50.4% on CG.
Bitcoin/Price/Chart 06/05/2024. Source: TradingView
BNB’s new ATH
Perhaps the most notable gainer today among the larger-cap alts is Binance Coin. After months on the sidelines and away from coin mania, BNB surged almost $100 over the past day and registered a new all-time high of $715 earlier today, narrowing the gap with Tether in their battle for the third largest cryptocurrency.
Other impressive gainers 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 the green but in a more modest way.
The total crypto market cap added around $80 billion in a day and now stands at almost $2.8 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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