Crypto Markets Add $70 Billion Daily as Bitcoin (BTC) Soars Past $71K (Market Watch)

8 months ago 3

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Bitcoin flirted with the $70,000 level yesterday but had to wait another day before it shot up above it for the first time in about a week.

The altcoins have also turned green today. Ethereum has reclaimed $3,500, while DOGE has jumped above $0.2.

BTC Tops $71K

Bitcoin had an unfavorable start to the previous business week as it had failed to overcome $71,000, and the bears drove it south to $68,000 on Monday and $66,000 on Tuesday. Another leg down followed by Wednesday, and BTC slumped to a ten-day low of under $64,500.

This is where the bulls finally stepped up and initiated a leg up that pushed the cryptocurrency to just over $69,000. That rally was short-lived, though, as BTC quickly returned to $66,000.

More volatility followed by the end of the week, and the asset jumped to $69,000 by Friday and Saturday. The bulls tried to take down $70,000 on Sunday but to no avail. That level finally came down earlier today when BTC blasted through it and went even higher – to just over $71,000.

It still stands at that level amid ongoing speculation whether it will be able to break its early March all-time high of $73,800 before the upcoming halving.

BTC’s market cap has neared $1.4 trillion, while its dominance over the alts is slightly up to 50.4% on CG.

ETH Explodes Above $3.5K

The second-largest cryptocurrency is among the top performers in the past 24 hours. ETH has soared by about 5% and has jumped above $3,500 for the first time in weeks.

Dogecoin is another notable gainer. The OG meme coin is up by just over 5% today, just like it was yesterday, and now trades north of $0.2. WIF (13%) has skyrocketed to over $4.

The rest of the larger-cap alts are also in the green but in a more modest manner. The total crypto market cap has surged by about $70 billion in a day and now sits close to $2.8 trillion.