Cryptocurrency Markets Gain $70 Billion in a Day as Bitcoin (BTC) Hits 16-Day High (Weekend Watch)

Bitcoin’s price rally continued over the past 24 hours, with the asset surging above $60,000 and hitting a multi-week high above $60,500.

Altcoins are also in the green, increasing the total cryptocurrency market cap by over $70 billion since yesterday.

BTC hits $60,500

After last Friday’s correction that pushed Bitcoin to $52,500, the asset recovered some ground over the weekend but went on the offensive on Monday, soaring $4,000 in 24 hours and briefly surpassing $58,000. Midweek price action was quite volatile, especially after the release of the US CPI figures on Wednesday, with Bitcoin experiencing several ups and downs.

However, the bulls seem to have taken control of the market. They started a fresh rally on Friday, which took BTC closer to $60,000. Although it initially failed, the cryptocurrency broke above that level earlier this morning and hit a 16-day high of just over $60,500.

The announcement comes after the trend change of US spot Bitcoin ETFs, which bucked the trend with over $400 million in net outflows over the past week. Additionally, MicroStrategy announced another massive BTC purchase worth over $1.1 billion.

BTC has lost some ground at the moment, but it is still up 4% on the day. Its market cap has jumped to $1.185 trillion, while its dominance over altcoins is over 54% on CG.

Alts see green

Most altcoins followed BTC’s bullish move. ETH and BNB gained around 2% each and are now above $2,400 and $550, respectively.

Even more impressive gains came from DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). TRX was among the few altcoins that saw minor retracements over the past day.

The cumulative market capitalization of all crypto assets has increased by approximately $70 billion since yesterday and now stands at $2.2 trillion.