As an experienced analyst, I’ve seen my fair share of market swings and price movements in the cryptocurrency world. Bitcoin’s recent underperformance was a common occurrence, but the combination of substantial ETF flows and positive US CPI numbers ignited a massive rally that propelled the primary digital asset to a 3-week peak above $66,000.
The price movement of Bitcoin was relatively uneventful for an extended period. However, significant inflows into Bitcoin ETFs and favorable US Consumer Price Index data ignited substantial growth, pushing the cryptocurrency to a 3-week high surpassing $66,000.
In simpler terms, the market for alternative cryptocurrencies resembles each other greatly, as most of them experience price increases on a day-to-day basis. Ethereum currently hovers above $3,000, while Solana and Near have seen significant double-digit percentage gains.
Bitcoin Skyrockets Above $66K
Last Friday, the leading digital asset took a significant hit, dropping below $61,000 after falling short of surpassing the $64,000 mark. The subsequent calm weekend allowed it to regain some momentum, maintaining its position around $61,000.
On Monday, bulls sparked a significant price rise in bitcoin, pushing it above $63,000. Despite initially falling short of this mark, they renewed their efforts on Tuesday following the release of the US Consumer Price Index (CPI) figures for April.
When they surpassed expectations with a 3.4% result, this led to a significant increase in funds, reaching approximately $64,000. Meanwhile, favorable investments in US Bitcoin ETFs ignited another rally, propelling the cryptocurrency up to a peak of around $66,500 over the past three weeks.
Bitcoin, which had dropped in value somewhat since then, currently hovers around $66,000. The cryptocurrency’s market value exceeds $1.3 trillion, and its control over the alternative digital currencies stands at nearly 52% once more.
SOL, NEAR on a Roll
I’ve observed that when Bitcoin (BTC) trends upwards, so do most other cryptocurrencies. Ethereum (ETH), for instance, has regained the $3,000 mark following a 3.6% price surge over the past day. Binance Coin (BNB) is currently above $580 with a 3% price growth. Similar upward trends are noticeable in XRP and Dogecoin (DOGE).
The Japanese breed Shiba Inu, Avalanche, Polkadot, Bitcoin Cash, and Cardano have experienced notable growth, ranging from 6% to 8%. Notably, Solana and NEAR Protocol’s native tokens have shown the most remarkable increases.
As a researcher observing the cryptocurrency market, I notice that Solana (SOL) has experienced a significant surge, with its price now hovering around 13% above my previous note, surpassing the $160 mark. On the other hand, Near Protocol (NEAR) has displayed an even more impressive performance, soaring by approximately 17%, and currently trading north of $8.1.
TON and PEPE are the only larger-cap alts with notable price declines on a daily scale now.
As a researcher examining the cryptocurrency market, I’ve observed an approximately $150 billion increase in total market capitalization since yesterday’s nadir. Presently, the market cap surpasses the $2.5 trillion mark.
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2024-05-16 11:56