Crypto Markets Add $80 Billion Daily as Bitcoin (BTC) Explodes to $71K (Market Watch)

After failing to overcome the $70,000 level on Monday, bitcoin went on the offensive in the past several hours and soared past it and tapped a multi-week peak of over $71,250.

The altcoins have also turned green, with massive gains from the likes of Binance Coin, Toncoin, Shiba Inu, Uniswap, and others.

BTC Sees 2-Week Peak

The price fluctuations at the end of last week couldn’t foresee what was going to happen at the start of the current one. At the time, BTC was stopped at $69,000 and pushed violently south to $66,600. The bulls managed to recover some ground during the weekend, and bitcoin stood at just under $68,000.

The landscape started to change on Monday when the cryptocurrency jumped to just over $70,000 but was once again stopped in its tracks and driven to under $69,000.

However, the bulls were quite persistent this time and propelled another rally on Tuesday evening and Wednesday morning that saw BTC skyrocket to its highest price level in over two weeks of $71,300. This came amid massive inflows in most US spot Bitcoin ETFs.

As of now, BTC stands inches above $70,000, and its market cap is $1.4 trillion. Its dominance over the alts stands at the same spot at 50.4% on CG.

Bitcoin/Price/Chart 05.06.2024. Source: TradingView


Perhaps the most notable gainer today from the larger-cap alts is Binance Coin. After months of being on the sidelines and away from the meme coin mania, BNB jumped by nearly $100 in the past day and registered a fresh all-time high of $715 earlier today, closing down the gap to Tether in their battle for the third-largest cryptocurrency.

The 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 fashion.

The total crypto market cap added roughly $80 billion in one day and now sits close to $2.8 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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