Crypto Market Rallies as Bitcoin Edges Towards $58K, ETH Sets New ATH

After dangling between the $54000 and $56000 range for the past couple of days, Bitcoin finally broke through and reached the $58000 mark. This resulted in a 3.9 percent daily gain for the leading cryptocurrency. Bitcoin just recovered from a massive dip few days ago.

Ethereum on the other hand was not left behind. In fact, in the past weeks, the second leading crypto has outperformed Bitcoin in terms of percentage gains. The most recent success of ETH though is reaching and crossing the $3000 mark. Ethereum exceeded $3000 for the first time ever and currently trades around $3188 with a 24 hour increase of over 10%.

Altcoins Join the Rally

As expected, other Altcoins have also seen a price surge. At the moment, the crypto market is having a party. Dogecoin moved from $0.37 to $0.38, giving rise to an increase of over 4 percent. Binance Coin, Litecoin, and Solana have also seen a price boost of over 4 percent in the past 24 hours, while Filecoin, Theta, and Cardano saw a quite significant 3 percent increase in the past day.

Aside from the high market cap altcoins, mid and low-market cap coins have also seen a significant rise. According to the metrics from Coinmarketcap, Maker increased by 13.55 percent, Waves by 16.03 percent, Theta rose by 9.88 percent, and Helium by 7.66 percent.

This surge in price in the crypto markets tally with the boost in the overall increase in market cap. Within the last 24 hours, $70 billion has been added to the entire crypto market cap and in the last four days, a whopping sum of $250 billion has been added.

The trading volume in the past day for the entire crypto market sums up to $126 billion and the entire crypto market currently boasts of a market capitalization of over $2.3 trillion. In the meantime, BTC dominance seems to be reducing gradually while the Alts seem to be almost set for a massive bullish run.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts