Bitcoin’s post-ETF-approval resurgence continues with full force as the asset jumped to and slightly above $50,000 for the first time in more than two years.
The total crypto market cap has increased by about $80 billion since yesterday, as the altcoins have turned green as well.
Bitcoin doesn’t tend to stay calm for long, and this is what has happened in the past ten days or so. The asset traded in a tight range at around $43,000 for several consecutive days last week. That was until last Thursday morning.
At that point, the bulls initiated the first leg up, which resulted in tapping $45,000. A day later, BTC saw itself heading further north and tapped $48,000.
After a brief retracement during the weekend, Bitcoin started increasing in value on Monday morning but was stopped ahead of $49,000. However, that resistance didn’t last long, and the asset broke above it in the afternoon and kept going to the coveted $50,000 level.
Thus, after more than two years of waiting, the primary cryptocurrency finally soared past $50,000 and jumped to a multi-year peak of $50,400. As of now, it has calmed slightly but still remains above that line. Its market capitalization has neared $1 trillion, while its dominance over the alts stands at 52.4% on CMC.
Most altcoins have followed Bitcoin on the way up, including Ethereum. The second-largest digital asset is up by 7% overnight and now trades at a monthly peak of over $2,650. Solana is the other notable gainer from this cohort of alts. SOL has soared by 8% and is close to $115.
Avalanche, MATIC, and Toncoin have also jumped by more than 5% in the past 24 hours. Binance Coin, Ripple, Cardano, Dogecoin, Polkadot, Tron, and LINK are also in the green, albeit in a more modest fashion.
More gains come from the likes of ORDI (14%), RNDR (12%), BEAM (12%), 1000SATS (11%), and GNO (11%).
The total crypto market cap has soared by $80 billion since yesterday and is now close to $1.9 trillion on CMC.
