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Tuesday, May 21, 2024

Crypto Markets Add $150B Daily as Bitcoin (BTC) Skyrocketed to 3-Week High (Market Watch)

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Bitcoin’s price actions were quite underwhelming for days but the substantial ETF flows as well as the positive US CPI numbers resulted in massive gains that propelled the cryptocurrency to a 3-week peak of over $66,000.

The landscape with the altcoins is quite similar, with most turning green on a daily scale. ETH is above $3,000, while SOL and NEAR have soared by double digits.

Bitcoin Skyrockets Above $66K

The primary digital asset slumped hard last Friday to just over $61,000 after failing to overcome the $64,000 level. It used the relatively quiet weekend to regain some traction and remained around $61,000.

The bulls initiated a notable price surge on Monday that drove bitcoin to just over $63,000. Although it failed to conquer that line at first, it went on the offensive once again yesterday after the US CPI numbers for April came out.

The fact that they met the expectations of 3.4% resulted in a jump toward $64,000. The positive inflows in spot BTC ETFs in the States started another rally that pushed the cryptocurrency to a 3-week high of around $66,500.

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Despite losing some ground since then, bitcoin still trades above $66,000 now. Its market cap has soared past $1.3 trillion, while its dominance over the alts is close to 52%.

Bitcoin/Price/Chart 16.05.2024. Source: TradingView

SOL, NEAR on a Roll

As it typically happens when BTC heads in one direction, so do most altcoins. Ethereum has reclaimed the $3,000 level after a 3.6% increase in the past day. Binance Coin is above $580 after gaining 3%. Similar increases are evident from XRP and DOGE.

Shiba Inu, Avalanche, Polkadot, Bitcoin Cash, and Cardano have surged by somewhere between 6-8%. However, the most impressive gains come from Solana and NEAR Protocol’s native token.

SOL is up by 13% and stands well above $160, while NEAR has skyrocketed by 17% and trades north of $8.1.

TON and PEPE are the only larger-cap alts with notable price declines on a daily scale now.

The total crypto market cap has added roughly $150 billion since yesterday’s low and is now above $2.5 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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