Crypto Market Cap Hits $2 Trillion as Bitcoin (BTC) Price Taps $52K (Market Watch)

10 months ago 4

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Bitcoin’s upswing price movements continued in the past 24 hours, and the asset jumped past the $52,000 line.

Many of the altcoins are also in the green, with XRP increasing to $0.55, while ADA has neared $0.6.

BTC Climbs Above $52K

The primary cryptocurrency had a strong last week as it closed it with a 13% gain – the best weekly performance since October last year. Monday started with a minor retracement from $48,800 to $48,000, but that was short-lived.

The asset went on the offensive hours later and skyrocketed to and above $50,000 for the first time since late 2021. Another brief retracement followed that pushed BTC south to $48,400 on Tuesday after the US announced the latest CPI data.

However, BTC seems to be on a roll, and that couldn’t keep it down either. Wednesday saw another price surge that pushed Bitcoin north again. Earlier today, the cryptocurrency’s climb continued, and the asset soared past $52,000 to chart a new multi-year peak.

After reclaiming the coveted $1 trillion mark again yesterday, BTC’s market cap soared to $1.025 trillion (on CoinGecko) today. Its dominance is up to 50% on CG and more than 52% on CMC.

Alts Remain in Green

Ethereum has also been among the most impressive performers lately. Another 2% increase in the past 24 hours has pushed the second-largest digital asset to $2,800 for the first time since May 2022.

Binance Coin, Ripple, Cardano, Avalanche, and Dogecoin have charted even more notable gains daily of around 3-4%. In contrast, Bitcoin Cash and ICP have retraced the most from the larger-cap alts.

More gains are evident from the likes of APT and IMX, as both of them are up by around 5%.

Most lower- and mid-cap alts have also posted impressive gains for several days in a row. This has helped the cumulative market cap of all crypto assets reclaim the $2 trillion level on CoinGecko (and is close to that line on CMC).