Bitcoin Surges to $72K
After a period of trading sideways around $67,000, bitcoin made a strong move yesterday, soaring to a multi-week high of $72,000. The market dynamics have shifted significantly in the past week, with the primary cryptocurrency experiencing notable fluctuations.
- Last Tuesday, bitcoin struggled to break past $63,000 and retreated to $61,000.
- Following the release of US CPI data on Wednesday, bitcoin surged to around $67,000.
- Throughout the weekend, bitcoin traded within a range of $66,000 to $67,000.
- Monday started calmly but later saw a surge during the US trading session, propelling bitcoin to a six-week high of $72,000.
Ethereum Leads Altcoin Rally
Ethereum played a significant role in driving the rally, fueled by optimism surrounding the potential approval of ETH ETFs by the US SEC. As a result, Ethereum witnessed a remarkable surge of around 20%, reaching over $3,700, its highest price level since April 9.
- Other altcoins such as Binance Coin, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Polkadot, and Bitcoin Cash also recorded gains of up to 8%.
- Avalanche emerged as a standout performer among large-cap altcoins, registering double-digit gains.
- The overall crypto market cap surged by approximately $200 billion in a single day, reaching $2.750 trillion.
Bitcoin Dominance and Market Cap
Despite retracing from its peak, bitcoin remains above $70,000, marking a 6% increase for the day. The cryptocurrency’s market cap has surpassed $1.4 trillion, although its dominance over altcoins has dipped below 51%.
Altcoin Surge and Market Growth
The collective altcoin market enjoyed substantial gains, with leading cryptocurrencies like Ethereum leading the charge. The overall market cap of the crypto industry expanded significantly within a short period, reflecting the positive sentiment among investors and traders.
Regulatory Development and Market Response
The surge in Ethereum’s price was triggered by speculation surrounding the approval of spot ETFs in the US, a development that has been eagerly awaited by the crypto community. This regulatory advancement has injected optimism into the market, leading to a notable uptrend in various cryptocurrencies.
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