Crypto Markets Add $30B in Hours as Bitcoin Price Explodes Toward $28K (Market Watch)

2023-10-16 08:46:08

After several days of underwhelming price performance, bitcoin finally initiated a notable leg-up that drove it north by over a grand.

The altcoins have followed suit, and green dominates almost all charts now. Solana has maintained the $20 level with a 4% daily increase.

BTC Soars Toward $28K

The previous business week didn’t start all that well for the primary cryptocurrency, which began losing value after failing to sustain above $28,000. The next few days were quite painful, with BTC dumping to a 2-week low of $26,500 on Wednesday.

The bulls intercepted the move at this point and didn’t allow any further declines. As such, bitcoin managed to remain above $26,500 and stood in a range of up to $27,000.

As expected, the weekend was quite dull, with little-to-no movements. However, the Asian trading hours of Monday brought a lot more volatility. The cryptocurrency jumped by over a grand within hours and spiked to a weekly high of just under $28,000.

Being 3.5% up on the day means that its market capitalization has skyrocketed to over $540 billion after struggling below $525 just yesterday. Its dominance over the altcoins is also on the rise at well above 50% now.

BTCUSD. Source: TradingView## Alts Turn Green

The alternative coins also suffered last week, perhaps due to the ongoing conflict between Israel and Hamas. Now, though, green has taken over almost all charts.

Ethereum has spiked by 1.5% and has neared $1,600. Binance Coin has jumped above $210 after a 2.5% daily increase. Ripple, Cardano, Dogecoin, Tron, Toncoin, Polkadot, Polygon, and Litecoin have all pumped by 1-2%.

Solana is up by 4% and sits close to $23. Bitcoin Cash and Bitcoin SV have gained the most from the larger-cap alts. BCH is up by over 5%, while BSV has skyrocketed by more than 11%.

The total crypto market cap has gained roughly $30 billion from this Monday morning price jumps. As a result, the metric now stands above $1.080 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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