5 months ago 2 min read

Bitcoin Rides the Rocket to 6-Week High, Crypto Market Cap Straddles $1 Trillion


For the first time in over a month, the market cap of cryptocurrencies surpassed $1 trillion today.

After several days with absolutely little volatility, bitcoin has finally experienced a recent surge in price, reaching its highest level since mid-September.

The alternative cryptocurrencies are also doing well, with ETH rocketing to a fresh local high and double-digit gains from ADA, SOL, and numerous others.

Bitcoin Reaching the $21,000 Sky

It's safe to assume that the recent days have been rather quiet and stable for the leading cryptocurrency. Without being able to take back the latter, the asset spent the majority of last week fluctuating in price between $19,000 and $20,000 in a narrow range.

The only significant change occurred at the conclusion of the workweek, when it fell to $18,600. Despite this, it stabilized at $19,000 during the course of the weekend due to low trading volumes.

There was not much of a difference between Monday and Tuesday, but late last night, things started to shift. For the first time in approximately 20 days, BTC increased to $20,000, leaving more over $100 million in liquidations.

The asset started another leap up minutes ago and shot to just under $21,000 for the first time since the mid-September crash, albeit it initially retraced a little. However, Arthur Hayes issued some cautions to the populace to prevent them from overreacting.

BTC's market valuation is once again getting close to $400 billion, but its dominance over the alternatives has marginally decreased to 39.7%.

BTCUSD. Source: TradingView, YordanLyanchev

Altcoins That Have Made Huge Gains

For the previous few days, alternative coins were also trading sideways, but the scenario today is completely different.

Since the much-awaited Merge took place, Ethereum has been among the worst performers. ETH was pushed by the sell-the-news incident from over $1,600 to $1,300, where it stabilized and stayed for weeks.

However, following a 15% daily increase, ETH has soared to a multi-week high of $1,550 as of right now. Similar double-digit gains can be seen in the larger-cap alts Cardano, Solana, Dogecoin, and Polkadot.

Binance Coin, Ripple, MATIC, Shiba Inu, and Avalanche are all in the black, but with smaller gains.

Massive rises in the majority of lower- and mid-size alts have contributed to the cryptocurrency market cap crossing the $1 trillion milestone for the first time in October.

Cryptocurrency Market Overview. Source: Quantify Crypto
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