Crypto Markets Add $120B in a Day as Bitcoin Explodes to 3-Month High (Market Watch)

Bitcoin registered an impressive leg up, resulting in nearing $48,000 for the first time since the start of the year. The alternative coins are also well in the green, with impressive daily gains by Solana, Polkadot, Avalanche, Dogecoin, Shiba Inu, and more.

Bitcoin Taps 12-Week High

Bitcoin broke above $40,000 on March 16 and hasn’t looked back ever since. After a few close-calls, the asset started to gradually reclaim other round-numbered milestones, which ultimately led to tapping $45,000 a few days ago, as CryptoPotato reported on Friday.

The weekend started in a rather calm manner as BTC had retraced slightly but still remained in a range between $44,000 and $45,000.

Sunday was also a relatively slow day, at first, before it all changed. The cryptocurrency shot up by nearly $3,000 in hours and spiked to an intraday high of $47,800. Moreover, this became the asset’s highest price tag since January 2. The massive price increase also led to over $400 million worth of liquidations.

As of now, BTC has retraced slightly and stands close to $47,000. Nevertheless, its market capitalization has neared the $900 billion mark.

BTCUSD. Source: TradingView

Alts See Green

Most altcoins stood quite still during the weekend but, similar to bitcoin, have soared on a daily scale.

Ethereum sits above $3,300 for the first time in months as well, as the second-largest cryptocurrency jumped by 5%. Binance Coin is north of $430 after a 3% increase.

Ripple, Cardano, and Terra marked similar price pumps to $0.86, $1.18, and $95. More gains come from Solana, Polkadot, Avalanche, Dogecoin, Shiba Inu, and CRO – all of which are up by between 6% and 8%.

Further increases are evident from Gnosis (28%), Holo (28%), Filecoin (25%), Zilliqa (18%), EOS (18%), VeChain (18%), ICP (15%), eCash (15%), and others.

Ultimately, the cryptocurrency market capitalization soared by $120 billion in a day to a multi-month high of its own above $2.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto