Bitcoin Taps $50K After Surging $4,000: Crypto Market Cap at 3-Month High
After a few consecutive days of losing value, bitcoin skyrocketed by more than $4,000 in the past 24 hours and broke above $50,000. Most altcoins are also in the green, with ETH eyeing $4,000 and Cardano marking a fresh ATH above $3.
Bitcoin Tapped $50K
The primary cryptocurrency had its fair share of struggles in the past week or so. It briefly surpassed the $50,000 mark last Monday, but the bears didn’t allow any further gains.
Just the opposite, they pushed the asset south in the following days. Aside from a few unsuccessful breakout attempts, BTC was mainly losing value. This culminated yesterday when the cryptocurrency fell to a multi-day low of $46,500 (on Bitstamp).
The situation quickly changed at that point, though. Instead of falling further, bitcoin started to increase in value rapidly. It added more than $4,000 in a day and spiked above $50,000 once again.
Despite retracing with a few hundred dollars since the intraday peak, BTC still remains above $50,000 as of writing these lines. Furthermore, its market capitalization has increased to nearly $950 billion.
Altcoins in Green; ETH Neared $4K
It’s safe to say that the alternative coins have outperformed their leader in the past week or so. This is why the BTC dominance has declined rather significantly in this period.
Ethereum has been at the forefront as it pumped from $3,100 to $3,600 in just a few days, as mentioned yesterday. The past 24 hours saw even more gains for the second-largest crypto, which went to an intraday high of $3,850. Despite retracing by $100 since then, ETH is still more than 6% up on the day.
Another notable performer as of late – Cardano – didn’t disappoint as it broke above $3 for the first time ever to set a fresh all-time high.
More gains from the larger cap altcoins are evident from Binance Coin (4%), Ripple (5%), Dogecoin (7%), Solana (5%), Polkadot (6%), and Chainlink (7%).
FTT – the native cryptocurrency of the FTX exchange – has surged the most in a day. A 33% pump has driven the asset to $67.
IOTA (24%), Fantom (20%), VeChain (12%), XinFin Network (11%), Telcoin (10%), and TRON (10%) complete the double-digit price increase club.
As such, the cumulative market capitalization went to a multi-month record of its own at well over $2.2 trillion after gaining $150 billion since yesterday’s low.Source