Crypto Markets Add $60B Overnight as Bitcoin (BTC) Price Soars to Monthly Highs (Market Watch)

10 months ago 2

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After days and days of trading sideways around the $43,000 mark, Bitcoin finally made a move in the past 24 hours and soared past $44,000 for the first time since the ETF-induced declines in January.

The alternative coins have also turned green, and the total crypto market cap added $60 billion in a day.

BTC Soars to $44.5K

The primary cryptocurrency tried to overtake the $44,000 mark last week on a few occasions but was halted in its tracks every time. The last rejection pushed it south by nearly two grand after the US Federal Reserve said it will make no changes to its monetary policy.

BTC managed to recover some ground by the end of the week and returned to $43,000. The next several days were highly uneventful as the cryptocurrency remained stuck at that level.

That all changed earlier today when the asset initiated an impressive leg-up that resulted in breaking above $44,000 for the first time since the post-ETF-approvals volatility. Moreover, BTC soared to $44,700 to chart a monthly high.

Its market capitalization has risen to $875 billion, while its dominance over the alts is up to 51.3% on CMC.

Alts Turn Green

Most altcoins were untypically stagnant as well over the past several days, but most have turned green now. Ethereum leads the pack with a 2% increase, which has helped it go above $2,400. Binance Coin is up to $315 following a 4% daily jump.

Solana and Cardano have increased the most from the larger-cap alts. SOL is up by 6% and sits above $100, while ADA has soared by 9% and trades above $0.5.

XRP, AVAX, DOGE, DOT, LINK, MATIC, and TON are also in the green. With most lower- and mid-cap alts charting gains over the past 24 hours, it’s no wonder that the total crypto market cap has added $60 billion overnight and sits at $1.710 trillion on CMC.