Crypto Market Cap Soars Above $1T: Bitcoin Taps 2-Week High

Bitcoin doubled down on its latest positive factors by surging to a brand new two-week excessive above $21,500.

Most altcoins are additionally within the inexperienced as soon as once more, with ATOM, XLM, and ICP standing out as one of the best performers.

Bitcoin Saw New Weekly High

The begin of the month introduced a number of ache to the bulls as bitcoin fell beneath the coveted $20,000 and was unable to reclaim it. The state of affairs worsened just a few days in the past when the cryptocurrency immediately dumped to a six-week low of $18,500.

However, it reacted in a constructive method by leaping above $19,000 nearly instantly. Friday got here with extra positive factors as BTC jumped above $20,000.

At this level, information emerged that MicroStrategy intends to allocate one other $500 million for BTC purchases by promoting a few of its shares. The asset reacted with one other worth enhance and shot as much as a two-week excessive simply above $21,500.

As of now, it has retraced barely however nonetheless stands north of $21,000. Its market capitalization has reclaimed $400 billion and its dominance over the altcoins has recovered some floor and now stands above 39%.

BTCUSD. Source: TradingView

Altcoins See Green Again

The altcoins outperformed BTC up till two days in the past, evident from the bitcoin market dominance metric, however most are calmer now.

Ethereum went from a multi-week low beneath $1,500 to north of $1,700 in mere days. Perhaps fueled by hype from the upcoming Merge, the second-largest crypto is up by one other 1% in the present day.

BNB, Ripple, Polkadot, Dogecoin, and MATIC have seen related every day positive factors. Cardano has added probably the most worth in a day (slightly below 5%), and ADA now stands above $0.5. Shiba Inu and Avalanche have elevated by as much as 4%.

ATOM is probably the most important gainer, with a large 11% soar to $16. XLM and ICP have added spectacular percentages as properly.

Overall, the crypto market cap has reclaimed the coveted $1 trillion mark after including one other $30 billion in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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About the Author: Daniel