Bitcoin’s market capitalization has reclaimed the coveted $1 trillion level after the asset surged by 8% to about $54,000. Most alternative coins are well in the green as well, and the entire market cap has expanded by $130 billion since yesterday’s low.
Following a few days of sideways trading and flirting with the $50,000 price tag, BTC has finally spiked well above that line. The bulls took charge during the latest drop to $49,000 as reported yesterday and drove the cryptocurrency north.
In the following hours, bitcoin added more than $4,000 of value and reached $54,500 (on Bitstamp). This became the asset’s highest price tag since February 22nd – just as the sharp retracement had started following the all-time high above $58,000.
Although it has retraced slightly since then, bitcoin is still up by about 8% in the past 24 hours. With its substantial increase, BTC’s market capitalization topped $1 trillion once again after a few weeks-long hiatus.
BTCUSD. Source: TradingView
Interestingly, bitcoin’s gains came amid the turbulence on Wall Street. The S&P 500 and the Nasdaq closed in the red on Monday, but the futures contracts painted gains in after-hours trading as Treasury yields fell from the recent highs.
Most of the alternative coins have followed their leader in the past 24 hours with impressive gains. Ethereum leads the pack with an 8% increase. As a result, the second-largest cryptocurrency has reclaimed another milestone on its way up – $1,800.
Binance Coin and Ripple have added about 4% of value to $240 and $0.48, respectively. Cardano and Uniswap have painted minor increases, while Polkadot (5%) and Chainlink (9%) have gone above $35 and $31.
Cryptocurrency Market Overview. Source: Quantify Crypto
Even more impressive price increases are evident from lower- and mid-cap altcoins. Chiliz is the undisputed leader with a 100% surge since yesterday and 380% in the past seven days to $0.27.
On a 24-hour scale, Terra (27%), NEAR Protocol (25%), Quant (25%), Theta Fuel (22%), Hedera Hashgraph (20%), SwissBorg (17%), THETA (16%), Decentraland (16%), and UMA (15%) follow.
In total, the cumulative market capitalization of all cryptocurrency assets has surged from $1.540 trillion to $1.670 trillion in a day. Moreover, the market cap is up by $230 billion in the past five days.
Crypto Market Cap. Source: CoinMarketCap
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