Crypto Markets Added $70 Billion Daily as Bitcoin (BTC) Soared to 16-Day Peak (Weekend Watch)

Bitcoin’s price ascend continued in the past 24 hours as the asset flew past $60,000 and tapped a multi-week peak of over $60,500.

The altcoins are also in the green, which has boosted the total crypto market cap by more than $70 billion since yesterday.

BTC Touched $60.5K

After last Friday’s correction that drove BTC to $52,500, the asset recovered some ground during the weekend but went on the offensive hard on Monday, soaring by four grand in 24 hours and briefly exceeding $58,000. The mid-week price action was quite volatile , especially after the US CPI numbers came out on Wednesday, and bitcoin recorded several ups and downs.

However, the bulls seemed to have taken control of the market. They initiated another leg up on Friday that resulted in BTC nearing $60,000. Although it failed at first, the cryptocurrency flew past that level earlier this morning and tapped a 16-day peak of just over $60,500.

This came after the trend change in the US spot Bitcoin ETFs, as they turned the tables around with over $400 million in net outflows for the past week. Additionally, MicroStrategy announced another massive BTC purchase worth over $1.1 billion.

BTC has lost some traction as of now, but it is still 4% up on the day. Its market cap has jumped to $1.185 trillion, while its dominance over the alts is above 54% on CG.

Alts See Green

Most altcoins have followed BTC on the way up. ETH and BNB have gained around 2% each and now sit above $2,400 and $550, respectively.

Even more impressive increases come from the likes of DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). TRX is among the few altcoins with minor retracements within the past day.

The cumulative market cap of all crypto assets has added about $70 billion since yesterday and now sits at $2.2 trillion.