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Bitcoin Soars to 6-Week High, Crypto Market Cap Taps $1T (Market Watch)



The crypto market cap topped $1 trillion today for the first time in over a month.

Following days of lack of almost any volatility, bitcoin finally went on a tear in the past 12 hours and skyrocketed to its highest price point since mid-September.

The altcoins are well in the green as well, with ETH surging to a new local peak and double-digit gains from ADA, SOL, and many more.

Bitcoin Skyrockets to $21K

It’s safe to say that the past several days were quite calm and stagnant for the primary cryptocurrency. The asset spent most of last week trading in a tight range between $19,000 and $20,000 without being able to reclaim the latter.

The only notable fluctuation came at the end of the working week when it dipped to $18,600. However, it bounced off and calmed at $19,000 during the weekend on low trading volumes.

Monday and Tuesday were not all that different, but the landscape finally started to change late last night. BTC jumped to $20,000 for the first time in about 20 days, leaving over $100 million in liquidations.

Although it retraced slightly at first, the asset initiated another leg up minutes ago and skyrocketed to just under $21,000 for the first time since the mid-September crash. Nevertheless, Arthur Hayes had some warnings for the community not to get overly excited.

BTC’s market cap has neared $400 billion once more, while its dominance over the alts has declined slightly to 39.7%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins With Massive Gains

The alternative coins were trading sideways as well for the past several days, but the situation today is entirely different.

Ethereum has been among the poorest performers ever since the long-anticipated Merge took place. The sell-the-news event pushed ETH from over $1,600 to $1,300, where the asset calmed and stood for weeks.

However, ETH has skyrocketed to a multi-week high of $1,550 as of now, following a 15% daily surge. Similar double-digit increases are also evident from Cardano, Solana, Dogecoin, and Polkadot from the larger-cap alts.

Albeit with more minor gains, Binance Coin, Ripple, MATIC, Shiba Inu, and Avalanche are also well in the green.

Most lower- and mid-cap alts are with massive gains as well, which has helped the crypto market cap top $1 trillion for the first time in October.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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