Crypto Markets Gain $100 Billion Daily as Bitcoin (BTC) Shoots to 21-Month High (Market Watch)

After a few days of sideways trading at around $44,000, BTC rallied twice yesterday, but the second time saw the asset rise above $47,000 for the first time since early April 2022.

Most altcoins are also in the green today, which has helped the total market capitalization increase by around $100 billion in 24 hours.

BTC rises to $47,000

After an extremely volatile start to the year that saw BTC soar to nearly $46,000 before plummeting to $41,500 amid speculation about the SEC's possible decision on expected ETFs, the cryptocurrency calmed down late last week and on weekend.

Then it came on Monday morning when the asset slipped to $43,200. However, the situation quickly changed and Bitcoin went on the offensive hard. The amount initially rose to $45,000 as many ETF applicants disclosed the fees they planned to charge.

That was just the beginning, as the asset later skyrocketed even further, shooting to $47,250, which was its highest price in almost two years.

It has since lost some traction and is below $47,000, but its market cap is well over $900 billion and its dominance over alts is over 53% as ETF decisions are imminent.

BTCUSD. Source: TradingView

Alts turn green

Most alternative coins have suffered in the last few days, but not today. Solana was one of the worst performers as the price temporarily fell below $90. However, a daily increase of 12% has now pushed SOL to over $100. Avalanche is up by a similar percentage and is trading well above $35.

Cardano, Polkadot, Polygon, Bitcoin Cash, ATOM and ICP have also made impressive gains.

Ethereum is close to $2,300 after a 3% daily increase, while BNB is above $300 after a 2% increase.

The cumulative market capitalization of all crypto assets increased by about $100 billion overnight and is up to $1.720 trillion at CMC.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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