Crypto Markets Add $200B Overnight as BTC, ETH Soar to 6-Week Highs (Market Watch)

After a few days of trading sideways at around $67,000, bitcoin went on the offensive hard yesterday, jumping by several grand to a multi-week peak of $72,000.

The altcoins’ rally was led by Ethereum, which skyrocketed by approximately 20% at one point amid reemerging hopes about the US SEC approving ETH ETFs soon.

BTC Reclaims $72K

The ever-volatile crypto market can change a lot in the span of a week and this is exactly what transpired in the past seven days. Just last Tuesday, the primary cryptocurrency failed to overcome $63,000 and slipped back down to $61,000.

However, it started surging in value once the US CPI numbers came out on Wednesday and shot up to around $67,000. After a few more fluctuations around that level, the asset calmed during the weekend and stood primarily in a range between $66,000 and $67,000.

Monday also started on a calm note, but the landscape changed during the evening US trading session, and BTC exploded out of the gate. In a matter of hours, the cryptocurrency skyrocketed by about five grand and charted a 6-week high of $72,000.

Despite retracing since then, BTC still stands above $70,000, being 6% up on the day. Its market cap has tapped $1.4 trillion, but its dominance over the alts has been reduced to under 51%.

Bitcoin/Price/Chart 21.05.2024. Source: TradingView

ETH’s Show

The news that sent the entire crypto market flying was related to Ethereum and the eventual approval of spot ETFs in the States. Naturally, the underlying asset gained the most. ETH shot up by 20% at one point from around $3,100 to over $3,700, which became its highest price tag since April 9.

Binance Coin, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Polkadot, and Bitcoin Cash are also well in the green, with gains of up to 8%. Avalanche is the other double-digit gainer from the larger-cap alts.

The total crypto market cap added approximately $200 billion in a day. The metric is now up to $2.750 trillion.