Bitcoin doubled down on its recent gains by surging to a new two-week high above $21,500.
Most altcoins are also in the green once again, with ATOM, XLM, and ICP standing out as the best performers.
The start of the month brought a lot of pain to the bulls as bitcoin fell below the coveted $20,000 and was unable to reclaim it. The situation worsened a few days ago when the cryptocurrency suddenly dumped to a six-week low of $18,500.
However, it reacted in a positive manner by jumping above $19,000 almost immediately. Friday came with more gains as BTC jumped above $20,000.
At this point, news emerged that MicroStrategy intends to allocate another $500 million for BTC purchases by selling some of its stocks. The asset reacted with another price increase and shot up to a two-week high just above $21,500.
As of now, it has retraced slightly but still stands north of $21,000. Its market capitalization has reclaimed $400 billion and its dominance over the altcoins has recovered some ground and now stands above 39%.
BTCUSD. Source: TradingView
The altcoins outperformed BTC up until two days ago, evident from the bitcoin market dominance metric, but most are calmer now.
Ethereum went from a multi-week low beneath $1,500 to north of $1,700 in mere days. Perhaps fueled by hype from the upcoming Merge, the second-largest crypto is up by another 1% today.
BNB, Ripple, Polkadot, Dogecoin, and MATIC have seen similar daily gains. Cardano has added the most value in a day (just under 5%), and ADA now stands above $0.5. Shiba Inu and Avalanche have increased by up to 4%.
ATOM is the most significant gainer, with a massive 11% jump to $16. XLM and ICP have added impressive percentages as well.
Overall, the crypto market cap has reclaimed the coveted $1 trillion mark after adding another $30 billion in a day.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Crypto Market Cap Soars Above $1T: Bitcoin Taps 2-Week High appeared first on CryptoPotato.
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