Markets
Cryptocurrency Markets Add $200 Billion in 4 Days as Bitcoin (BTC) Hits 2-Week Peak (Market Watch)
Bitcoin’s price rally that began over the weekend continued into the early hours of Monday morning, as the asset surpassed $63,000 for the first time in more than two weeks.
Altcoins also turned green again, pushing the total cryptocurrency market cap back to the $2.4 trillion level.
Bitcoin hits 2-week high
Perhaps driven by the German government dumping tons of confiscated BTC and the distribution and eventual sale of Mt. Gox, the price of the leading cryptocurrency fell sharply in early July, dropping to a three-month low of under $54,000.
The bulls finally caught the move last week and did not allow any further retracements. In fact, BTC started to regain some ground and ended the business week at around $58,000.
THE failed assassination attempt The backlash against pro-crypto US presidential candidate Donald Trump on Saturday was the most likely reason behind bitcoin’s revival this weekend.
BTC first exploded from $58,500 to $60,000 Sunday morning before skyrocketing to its highest price level since July 1, at over $63,000, where it also currently sits.
Its market cap has reached over $1.24 trillion, while its altcoin dominance stands at over 51% on CG.
Green dominates the alternative space
Most altcoins followed BTC higher. Ethereum was among the best performers over the past day, as the second-largest cryptocurrency added 5% per day and now sits at its own multi-week high of $3,365. Binance Coin added 4% in value and is trading above $560.
Solana and Chainlink are up more than 5% per day to $153 and $14, respectively. DOGE, AVAX, SHIB, DOT, and NEAR are also up around 3-4%.
Even bigger gains came from companies like MOG (18%), STX (13%), VET (10%) and JASMY (10%).
The total cryptocurrency market cap has surged to $2.42 trillion on CG. This means that the value has gained $100 billion since Saturday and more than $200 billion in four days.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (all the details).
LIMITED OFFER 2024 on BYDFi Exchange: Up to $2,888 Welcome Reward, use this link to register and open a position of 100 USDT-M for free!
Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent the opinions of CryptoPotato on buying, selling, or holding any investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for more information.
Cryptocurrency Charts by TradingView.