Crypto Market Added $120B As Bitcoin Hit A 3-Month High: Analysis

The crypto market added $120B in one day as Bitcoin hit a 3-month high with the rest of the altcoins charting notable gains as well so let’s read more in our latest cryptocurrency news.

Bitcoin hit a new high and registered a huge leg up which resulted in nearing $48,000 for the first time since the start of the year and the rest of the coins are also in the green with some impressive gains by Poladkot, Avalanche, Dogecoin, SHIB, and Solana. BTC broke above $40,000 and hasn’t looked back despite the few close-calls where the asset then had to reclaim other milestones which led to hitting $45,000 a few days ago. The weekend started in a calm manner as BTC retraced a little but still remained in a range between $45,000 and $44,000.

Sunday was a slow day as well but then it all changed in the afternoon. The cryptocurrency increased by $3000 in a few hours and then spiked to an intraday high of $47,800. This became the asset’s highest price level since the year started and the massive price surge led to $400 million worth of liquidations. As of now, BTC retraced and stands close to $47,000 but the market cap neared the $900 billion mark.

Most altcoins stood still over the weekend but similar to BTC they soared on a daily scale. Ethereum sits above $3300 for the first time in months and it increased by 5% as well. Binance coin also increased by 3% and hit $430. Cardano, Terra, and Ripple marked similar price gains with some more coming from SHIB, DOGE, Avalanche, DOT, and CRO. Furthermore, other coins gained as well like Gnosis whcih increased by 28%, Fielcoin that increased by 25%, EOS which increased by 18%, and VeChain that increased by 18% as well. The crypto market added $120B in one day to a multi-month high of $2.1 trillion.

The price of both ETH And BTC spiked on Sunday and went through the recent price resistances as the market pumped higher. BTC is up by more than 5% in the past day to $47,020 at the time of writing and ETH is also up by 5% to hit $3,292. Ethereum follows BTC as the latter increased by 14% the past week and ETH by 15%. other top coins increased as well. DOT increased by 7% In the past day while DOGE increased by 6%. Solana increased by 5%, AVAX by 4%, Cardano and XRP by 3%.