Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Crypto Market Cap Adds $80 Billion Daily as Bitcoin (BTC) Soars Past $50K (Market Watch)

CryptopotatoCryptopotato2024/02/13 10:43
By:Jordan LyanchevMore posts by this author

Several altcoins have charted impressive gains as well over the past 24 hours, including ETH, SOL, and AVAX.

Bitcoin’s post-ETF-approval resurgence continues with full force as the asset jumped to and slightly above $50,000 for the first time in more than two years.

The total crypto market cap has increased by about $80 billion since yesterday, as the altcoins have turned green as well.

BTC Jumps Above $50K

Bitcoin doesn’t tend to stay calm for long, and this is what has happened in the past ten days or so. The asset traded in a tight range at around $43,000 for several consecutive days last week. That was until last Thursday morning.

At that point, the bulls initiated the first leg up, which resulted in tapping $45,000. A day later, BTC saw itself heading further north and tapped $48,000.

After a brief retracement during the weekend, Bitcoin started increasing in value on Monday morning but was stopped ahead of $49,000. However, that resistance didn’t last long, and the asset broke above it in the afternoon and kept going to the coveted $50,000 level.

Thus, after more than two years of waiting, the primary cryptocurrency finally soared past $50,000 and jumped to a multi-year peak of $50,400. As of now, it has calmed slightly but still remains above that line. Its market capitalization has neared $1 trillion, while its dominance over the alts stands at 52.4% on CMC.

Alts Turn Green, too

Most altcoins have followed Bitcoin on the way up, including Ethereum. The second-largest digital asset is up by 7% overnight and now trades at a monthly peak of over $2,650. Solana is the other notable gainer from this cohort of alts. SOL has soared by 8% and is close to $115.

Avalanche, MATIC, and Toncoin have also jumped by more than 5% in the past 24 hours. Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, Tron, and LINK are also in the green, albeit in a more modest fashion.

More gains come from the likes of ORDI (14%), RNDR (12%), BEAM (12%), 1000SATS (11%), and GNO (11%).

The total crypto market cap has soared by $80 billion since yesterday and is now close to $1.9 trillion on CMC.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Has Altcoin Season Started With FED Heat? Legendary Analyst Answers

Cryptocurrency analyst il Capo answered the question of whether the altcoin season has started in his statement.

Bitcoinsistemi2024/09/19 21:06

How Much Will Bitcoin Price Be If Trump Wins, How Much If Harris Wins? Standard Chartered Announces Big Bull Forecast

At what price level will Bitcoin, the world's largest cryptocurrency, be after the US elections? Here are analysts' opinions.

Bitcoinsistemi2024/09/19 21:06

Vitalik Buterin’s Wallet is Active Again: Detected in Onchain Data

Another movement was detected in the cryptocurrency wallets of Ethereum founder Vitalik Buterin. Here are the details.

Bitcoinsistemi2024/09/19 21:06