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

After a few days of sideways trading around $67,000, bitcoin went on the offensive yesterday, jumping several thousand to a multi-week high of $72,000.

The altcoin rally was led by Ethereum, which soared roughly 20% at one point amid re-emerging hopes that the US SEC will soon approve ETH ETFs.

BTC claims $72,000

The ever-volatile crypto market can change a lot in the course of a week, and that’s exactly what happened over the past seven days. Last Tuesday, the major cryptocurrency failed to break above $63,000 and dropped back to $61,000.

However, it started to gain in value once the US CPI numbers came out on Wednesday and soared to $67,000. After a few more swings around this level, the asset calmed down over the weekend and was mostly in the $66,000-$67,000 range.

Monday also started on a quiet note, but the landscape changed during the US evening trading session and BTC burst out the gate. In a matter of hours, the cryptocurrency shot up about five thousand and hit a 6-week high of $72,000.

Despite rallying since then, BTC is still above $70,000, up 6% on the day. Its market capitalization has reached $1.4 trillion, but its dominance over the highs has shrunk to less than 51%.

Bitcoin/Price/Chart 05/21/2024. Source: TradingView ETH’s Show

The news that blew up the entire crypto market was related to Ethereum and the eventual approval of cash ETFs in the United States. Naturally, the underlying asset gained more. ETH rose 20% at one point from around $3,100 to over $3,700, which became its highest price 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 winner among larger-cap alternatives.

The total crypto market cap added approximately $200 billion in one day. The metric now stands at $2.75 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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