Bitcoin Surges Above $50K After ETF Approval
Bitcoin has experienced a significant surge in value after the approval of its first ETF, reaching and surpassing the $50,000 mark for the first time in over two years. The entire cryptocurrency market has also seen a boost, with a total market cap increase of around $80 billion.
BTC Makes Impressive Moves
In the past week, Bitcoin remained relatively stable at around $43,000. However, last Thursday, the bulls initiated a rally that pushed the price to $45,000. The momentum continued as BTC reached $48,000. Despite a minor retracement over the weekend, Bitcoin started gaining value again on Monday and broke through the resistance at $49,000. It eventually surpassed the coveted $50,000 level and hit a multi-year peak at $50,400.
Bitcoin’s market capitalization is now approaching $1 trillion, with its dominance over other cryptocurrencies standing at 52.4% on CMC.
Altcoins Join the Rally
Many altcoins have followed Bitcoin’s upward trend, including Ethereum, which has seen a 7% increase overnight and is trading at over $2,650. Solana has also experienced significant gains, rising by 8% and nearing $115.
Other notable gainers include Avalanche, MATIC, Toncoin (5%+), Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, Tron, and LINK (modest gains). Additionally, ORDI (14%), RNDR (12%), BEAM (12%), 1000SATS (11%), and GNO (11%) have seen substantial increases.
Total Crypto Market Cap Soars
The overall cryptocurrency market cap has surged by $80 billion since yesterday, reaching close to $1.9 trillion on CMC.
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