The crypto market cap expanded by $150 billion in a day led by bitcoin’s extremely bullish run that drove the asset to a new ATH at $61,800.
Following a few consecutive days in which BTC price came just inches away from breaking its ATH of $58,400, the cryptocurrency finally did it yesterday and went on a wild spike to record a new current top at $61,800. The altcoin space also followed the bullish price trajectory and the market cap added $150 billion for a new record of its own at $1.850 trillion.
Bitcoin Exploded Above $60K: Broke The Feb-21 ATH
Bitcoin came close to the previous all-time high at $58,400 on multiple occasions. One of them was particularly compelling as the asset was just $250 away from that price tag.
Each time was followed by an immediate rejection that drove the asset south with a few thousand dollars. However, yesterday the attempts received a green light.
In an almost inevitable moment, the primary cryptocurrency broke above the previous February-21 ATH of $58,400 and continued to just shy of $60,000. It stood there for a bit, but the bulls had no plans to halt their run. In the following hours, BTC shattered the $60K price tag and registered the latest ATH at $61,800 (according to Bitstamp).
Looking at a slightly larger scale, reaching $61,800 means that bitcoin is up by almost $19,000 in two weeks, and almost $15K in less than eight days. Exactly two Sundays ago, the asset plummeted to $43,000.
Naturally, the impressive price surge had positive effects on bitcoin’s market cap, which is well above $1.1 trillion as of now. Additionally, BTC has increased its dominance over the market to above 62% – meaning more than a 2% expansion over the past few days.
Market Cap New Record: ETH Eyes $2000
Most of the altcoins followed their leader north. Ethereum breached $1,900 intraday, but a slight decline has taken it just shy of that level. Nevertheless, ETH is still more than 7% up on a 24-hour scale.
The rest of the top ten coins have painted more modest gains but are still in the green. Binance Coin (0.5%) is above $270, Polkadot (3%) is north of $37, Cardano (3%) is just shy of $1.10, Ripple (2.4%) trades at $0.45, UNI (2%) is close to $33, and Litecoin (1%) is at $221.
HOLO is the most impressive gainer in the past 24 hours, with a 105% surge to $0.006. Pundi X (60%), Decentraland (40%), Hedera Hashgraph (30%), BitTorrent (30%), Helium (27%), and Filecoin (20%) follow.
Ultimately, the cumulative market capitalization of all cryptocurrency assets also registered a new ATH record of $1.850 trillion. This means a $300 billion increase in a week and more than $500 billion in two weeks.