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Saturday, May 18, 2024

Crypto Markets Add $140 Billion Daily as Bitcoin Price Soars 10% (Market Watch)

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After several days of trading sideways around $51,000 and $52,000, Bitcoin’s price exploded yesterday and earlier today to a new 26-month peak of just over $57,000.

The alternative coins have also turned green, with SOL soaring past $110 and BCH exploding to $300.

BTC’s Bull Run Resumed

The primary cryptocurrency had a quiet seven-day period last week when its price mainly stood at around $52,000, aside from a few brief spikes toward $53,000 and several retracements to $51,000.

There were also signs that this consolidation might continue as the weekly inflows to the spot Bitcoin ETFs had declined. However, that hasn’t been the case, not even close.

The asset initiated a massive leg-up on Monday afternoon when it skyrocketed to over $53,500. That was just the start as the bulls began another run-up that resulted in soaring to $55,000 later on.

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There were more gains to be seen, though. During the early Tuesday morning Asian session, the cryptocurrency spiked even further and tapped $57,000 for the first time since late 2021.

As of now, the asset remains inches below that level, but its market cap has shot up to way over $1.1 trillion on CG. Its dominance over the alts, which was on the decline lately, is up by 1.4% to 49.5% as of now as well.

BTCUSD. Source: TradingView

Altcoins Turn Green

Although most alts have remained behind BTC in terms of daily gains, as evident by the increasing Bitcoin dominance, they are still quite in the green.

Ethereum continues its bull run, and another 7% increase has pushed it to $3,250. SOL has reclaimed the $110 level after a 9% daily surge. XRP, ADA, Avalanche, Polkadot, Chainlink, and Polygon have soared by 5-8%. Dogecoin has taken the main stage with a massive 12% surge to almost $0.1.

Bitcoin Cash is also among the top performers, with a 13.5% increase that has pushed it to $300.

With most lower- and mid-cap alts trading well in the green, the total crypto market cap has soared by $140 billion on CoinGecko to $2.250 trillion as of now.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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