Following the relatively calm weekend, bitcoin finally initiated an impressive leg up and jumped above $30,000. Most altcoins are also well in the green, with ETH standing north of $2,000 and BNB charting a new two-week high.
The past seven days were substantially less volatile than the previous week, in which BTC dumped by $15,000 at one point. In the past week or so, the asset remained primarily around the $30,000 mark, with several attempts to decisively overcome that level but with little-to-no success.
The most significant leg up came on May 16 when BTC spiked to above $31,000 but was quickly stopped in its tracks and retraced by over $2,000 in hours.
This scenario repeated a few more times, with the latest one on Friday – after that rejection, bitcoin slumped below $29,000. The cryptocurrency spent the weekend trading mostly sideways and failed to challenge $30,000.
However, this happened late last night when BTC went on the offensive and jumped to an intraday high of over $30,500. As such, its market capitalization has increased to about $580 billion.
BTCUSD. Source: TradingView
The altcoins were also quite calm during the weekend, but most have turned green today. Ethereum leads the way as the second-largest crypto has reclaimed $2,000 and even neared $2,100 after a 5% daily increase.
A similar pump has pushed BNB to $330, which is the highest price point seen by the asset since May 10. Even more impressive gains are evident from Solana, Avalanche, and Shiba Inu.
Although more modest, Ripple, Cardano, Polkadot, Dogecoin, and Tron are in the green as well.
Terra’s two controversial cryptocurrencies – UST and LUNA – have pumped in the past 24 hours as well but are still miles away from their prices visible two weeks ago.
Ultimately, the crypto market cap has added over $50 billion in a day, and the metric is now above $1.3 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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