Crypto Market Cap Gained $90B: Bitcoin Taps $60K, SOL up 8% (Market Watch)

Bitcoin skyrocketed by roughly $3,000 in hours following positive reports coming from the US and touched $60,000 for the first time since April. Some altcoins have also joined the ride, with ETH exceeding $3,800 and Solana spiking by more than 8%.

BTC and $60K Met Again

Just two days ago, bitcoin had retraced hard and was close to breaking below $54,000. This came after an unsuccessful attempt to overcome $58,000 for the first time in roughly five months.

However, the bulls hadn’t given up yet and initiated another impressive leg up yesterday, as reported. This time, BTC reclaimed the aforementioned level and kept climbing upwards.

BTC went as high as $58,500 before another brief retracement drove it back below $57,000. At this time, though, reports emerged claiming that the US Securities and Exchange Commission could greenlight a Bitcoin Futures ETF as early as next week.

The implications of such a significant development in the US led to an immediate price surge. BTC added more than $3,000 of value and touched $60,000 for the first time since April this year.

As of now, bitcoin has lost around $1,000 of value, but its market cap is still above $1.1 trillion. The dominance over the altcoins has increased to just shy of $46%.

BTCUSD. Source: TradingView

ETH Reached $3.8K: SOL Up by 8%

Ethereum struggled in the past few weeks as it was unable to break above $3,600 decisively. It even retraced by a few hundred dollars but went on the offensive yesterday and continued north today. As a result, the second-largest crypto broke above $3,800 for the first time in months but it was short-lived and is back below it now

Solana is another impressive performer on a 24-hour scale. SOL has surged by 8% in a day and trades well above $160. Uniswap’s 4% increase has driven UNI to $26, but the rest of the larger-cap alts have stalled or retraced.

Binance Coin, Cardano, Ripple, Polkadot, Dogecoin, Terra, and Avalanche are all slightly in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

The top 100 largest coins have a new representative in the face of NuCypher. NU has exploded by more than 500% in a day and has neared $2, but many community members speculate on Twitter that it could be a pump and dump scheme.

Polygon has increased by 25% to $1.6. The total crypto market cap is above $2.4 trillion for the first time in months as well, after a $90 billion rise in a day.