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Crypto Markets Add $100B Daily as Bitcoin (BTC) Soared to 21-Month High (Market Watch)

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After a few days of trading sideways at around $44,000, BTC initiated jumped on two separate occasions yesterday, but the second took the asset above $47,000 for the first time since early April 2022.

Most altcoins are also in the green today, which has helped the total market cap gain roughly $100 billion within 24 hours.

BTC Soars to $47K

After the highly volatile start of the year, in which BTC pumped to almost $46,000 before it dumped to $41,500 amid speculations about the potential decision by the SEC in regards to the anticipated ETFs, the cryptocurrency calmed at the end of last week and during the weekend.

Then came Monday morning when the asset slipped to $43,200. However, the landscape quickly changed, and Bitcoin went on the offensive hard. It first soared up to $45,000 as many ETF applicants announced the fees they plan to charge.

That was just the beginning as the asset skyrocketed even further later on, and shot up to $47,250, which became its highest price point in almost two years.

It has lost some traction since then and stands below $47,000, but its market cap is well beyond $900 billion, and its dominance over the alts is above 53% as the ETF decisions are right around the corner.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Turn Green

Most alternative coins were suffering in the past few days, but not today. Solana was among the biggest underperformers, as it had slumped to under $90 at one point. A 12% surge on a daily scale, though, has pushed SOL to over $100 as of now. Avalanche has soared by a similar percentage and trades well above $35.

Cardano, Polkadot, Polygon, Bitcoin Cash, ATOM, and ICP have produced impressive gains as well.

Ethereum is close to $2,300 after a 3% daily increase, while BNB is above $300 following a 2% jump.

The cumulative market capitalization of all crypto assets has gained approximately $100 billion overnight and is up to $1.720 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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