Crypto Markets Add $150M Daily As Bitcoin (BTC) Soars To 3-Week High (Market Watch)

Bitcoin price action was quite underwhelming for days, but substantial ETF flows as well as positive US CPI numbers led to massive gains that pushed the cryptocurrency to a 3-week high of more than $66,000.

The landscape with altcoins is quite similar, with most being green on a daily basis. ETH is above $3,000, while SOL and NEAR have shot up by double digits.

Bitcoin soars above $66,000

The major digital asset fell sharply last Friday to just over $61,000 after failing to break above the $64,000 level. It took advantage of the relatively quiet weekend to regain some traction and held around $61,000.

Bulls started a remarkable price rally on Monday that took bitcoin to just over $63,000. Although it failed to conquer that line at first, it went back on the offensive yesterday after the US CPI numbers for April were released.

The fact that they met expectations of 3.4% led to a jump to $64,000. Positive inflows from spot BTC ETFs in the States kicked off another rally that pushed the cryptocurrency to a 3-week high of around $66,500.

Despite losing some ground since then, bitcoin is still trading above $66,000 now. Its market capitalization has soared above $1.3 trillion, while its dominance of the alts is approaching 52%.

Bitcoin/Price/Chart 16.05.2024. Source: TradingView SOL, NEAR on a Roll

As it usually happens when BTC heads in one direction, so do most altcoins. Ethereum has regained the $3,000 level after a 3.6% increase in the last day. Binance Coin is above $580 after gaining 3%. Similar increases are evident for XRP and DOGE.

Shiba Inu, Avalanche, Polkadot, Bitcoin Cash and Cardano are up between 6-8%. However, the most impressive gains come from Solana’s native token and NEAR Protocol.

SOL is up 13% and sits well above $160, while NEAR has soared 17% and is trading north of $8.1.

TON and PEPE are the only larger cap alternatives with notable price drops on a daily basis now.

The total crypto market cap has added roughly $150 billion since yesterday’s low and is now over $2.5 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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