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Tuesday, June 25, 2024

Crypto Market Cap Adds $80 Billion Daily as Bitcoin (BTC) Soars Past $50K (Market Watch)

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Bitcoin’s post-ETF-approval resurgence continues with full force as the asset jumped to and slightly above $50,000 for the first time in more than two years.

The total crypto market cap has increased by about $80 billion since yesterday, as the altcoins have turned green as well.

BTC Jumps Above $50K

Bitcoin doesn’t tend to stay calm for long, and this is what has happened in the past ten days or so. The asset traded in a tight range at around $43,000 for several consecutive days last week. That was until last Thursday morning.

At that point, the bulls initiated the first leg up, which resulted in tapping $45,000. A day later, BTC saw itself heading further north and tapped $48,000.

After a brief retracement during the weekend, Bitcoin started increasing in value on Monday morning but was stopped ahead of $49,000. However, that resistance didn’t last long, and the asset broke above it in the afternoon and kept going to the coveted $50,000 level.

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Thus, after more than two years of waiting, the primary cryptocurrency finally soared past $50,000 and jumped to a multi-year peak of $50,400. As of now, it has calmed slightly but still remains above that line. Its market capitalization has neared $1 trillion, while its dominance over the alts stands at 52.4% on CMC.

BTCUSD. Source: TradingView

Alts Turn Green, too

Most altcoins have followed Bitcoin on the way up, including Ethereum. The second-largest digital asset is up by 7% overnight and now trades at a monthly peak of over $2,650. Solana is the other notable gainer from this cohort of alts. SOL has soared by 8% and is close to $115.

Avalanche, MATIC, and Toncoin have also jumped by more than 5% in the past 24 hours. Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, Tron, and LINK are also in the green, albeit in a more modest fashion.

More gains come from the likes of ORDI (14%), RNDR (12%), BEAM (12%), 1000SATS (11%), and GNO (11%).

The total crypto market cap has soared by $80 billion since yesterday and is now close to $1.9 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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