Crypto Market Cap Soars Above $1T: Bitcoin Taps 2-Week High
Bitcoin doubled down on its recent gains by surging to a new two-week high above $21,500.
Most altcoins are also in the green once again, with ATOM, XLM, and ICP standing out as the best performers.
Bitcoin Saw New Weekly High
The start of the month brought a lot of pain to the bulls as bitcoin fell below the coveted $20,000 and was unable to reclaim it. The situation worsened a few days ago when the cryptocurrency suddenly dumped to a six-week low of $18,500.
However, it reacted in a positive manner by jumping above $19,000 almost immediately. Friday came with more gains as BTC jumped above $20,000.
At this point, news emerged that MicroStrategy intends to allocate another $500 million for BTC purchases by selling some of its stocks. The asset reacted with another price increase and shot up to a two-week high just above $21,500.
As of now, it has retraced slightly but still stands north of $21,000. Its market capitalization has reclaimed $400 billion and its dominance over the altcoins has recovered some ground and now stands above 39%.
Altcoins See Green Again
The altcoins outperformed BTC up until two days ago, evident from the bitcoin market dominance metric, but most are calmer now.
Ethereum went from a multi-week low beneath $1,500 to north of $1,700 in mere days. Perhaps fueled by hype from the upcoming Merge, the second-largest crypto is up by another 1% today.
BNB, Ripple, Polkadot, Dogecoin, and MATIC have seen similar daily gains. Cardano has added the most value in a day (just under 5%), and ADA now stands above $0.5. Shiba Inu and Avalanche have increased by up to 4%.
ATOM is the most significant gainer, with a massive 11% jump to $16. XLM and ICP have added impressive percentages as well.
Overall, the crypto market cap has reclaimed the coveted $1 trillion mark after adding another $30 billion in a day.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.