Crypto Markets Add $150B Overnight as BTC, ETH Soar to 10-Day Peaks (Market Watch)

Bitcoin’s price finally went on a roll as the US ETF inflows turned positive, and the cryptocurrency jumped to its highest price in about ten days of over $71,000.

The altcoins have also turned green, with ETH nearing $3,700, while DOGE and SHIB are up by 7% each.

Bitcoin’s Resurgence

Last week was quite harmful to the primary cryptocurrency as the asset plummeted to under $61,000 on Tuesday morning amid fears of what the US central bank might do later that day. Once the Fed announced no changes to its monetary policy, BTC soared by about seven grand in a day.

However, that was short-lived, and Bitcoin started retracing almost immediately. As such, it had fallen to $62,500 on Friday before it recovered some ground to $64,000 on Sunday. The landscape started to change on Monday when BTC first pushed to $67,000 and only kept climbing.

During the early trading hours of the Asian session, the cryptocurrency skyrocketed to over $71,500 for the first time since March 15. This came amid the growing inflows in the spot ETFs in the States.

As of now, BTC trades at around $71,000 and is more than 6% up on the day. Its market capitalization has tapped $1.4 trillion once more, and its dominance over the alts is back to 49.5%.

Alts See Green Again

Ethereum has mimicked BTC’s performance in the past 24 hours. This means that the largest altcoin has gained over 6% on a daily basis and sits at a multi-day peak of its own at over $3,650.

Dogecoin, Shiba Inu, Polkadot, and Chainlink have posted similar gains. SOL, BNB, XRP, ADA, AVAX, and TON are also in the green, albeit in a more modest fashion.

The most substantial increases from the top 100 alts come from Bonk (14%), ICP (13%), FET (12%), ALGO (11%), APT (10%), and PEPE (10%).

The cumulative market capitalization of all crypto assets has soared by over $150 billion overnight and not sit at over $2.8 trillion on CoinGecko.

Source