After several days of sideways trading and little-to-no action, bitcoin finally went on the offensive and soared to almost $29,000.
The altcoins have also turned green, with ADA and SOL surging the most from the larger-cap ones, while RADIX has skyrocketed by double digits.
After last week’s substantial price declines, which drove BTC from over $30,000 to $27,000 in a matter of days, the cryptocurrency had failed to produce any substantial moves up. As such, it had remained relatively stagnant and even charted a monthly low yesterday at $27,000.
However, it seems the growing banking troubles in the US, this time with First Republic, have helped the asset regain some value. The BTC bulls drove it higher by almost two grand, and it came inches away from $29,000.
Being over 5% up on the day has propelled its market capitalization to well above $550 billion. It’s worth noting that the metric had declined to under $530 billion just yesterday.
Additionally, bitcoin’s market dominance has shot up by over half a percent in a day and is now above 46.5% on CMC.
The altcoins also struggled in the past few days, but the landscape is entirely different today. Ethereum came close to breaking below $1,800 but has jumped by over 3% in a day and currently sits close to $1,900. Nevertheless, ETH is still down more than $200 since its 11-month peak earlier this month.
Binance Coin has increased by a similar percentage and trades close to $340. Ripple, Dogecoin, Polygon, Polkadot, Litecoin, and Shiba Inu are also well in the green.
Solana and Cardano have jumped the most from the top 10 alts, with just over 5% each. More gains come from ICP, HBAR, NEAR, ARB, and GRT. CRO has gained the most from the top 50 alts, with a 13% surge after a partnership with Amazon Cloud.
Radix (XRB) continues with its massive role, soaring by 22% in the past 24 hours alone.
The total crypto market cap has added $40 billion daily and sits at almost $1.2 trillion.
