Bitcoin kept climbing after yesterday’s minor retracement and jumped above $21,500 to mark a new weekly high. The altcoins are well in the green as well, with ETH charting a monthly peak and other notable increases from Solana, Polkadot, MATIC, BNB.
Bitcoin sits above $21,000
The last seven days have not gone well for the main cryptocurrency. The asset was rejected at $22,000 earlier and was gradually losing value.
The situation worsened mid-week when the US announced the new CPI numbers (another record). Bitcoin reacted with immediate volatility and dipped below $19,000 to a weekly low.
However, he started his recovery soon after and came knocking on the door for $20,000 a few days later. Took a few tries but eventually got back to the coveted level and kept climbing.
After getting stopped at $21,000 yesterday, the bulls returned to the scene and pushed BTC north of that line. As of now, bitcoin stands just above $21,500 after charting a new weekly high.
Its market capitalization has passed $400 billion, but its dominance of alts has fallen to 42%, with most of them well in the green.
ETH Leads Alts’ Run
As mentioned above, the alternative coins are well in the green on a daily scene. Ethereum leads the way with a massive 14% increase in a day. ETH even spiked above $1,400 hours ago, which was a new monthly high.
Similar price increases are evident for Solana, Polkadot, MATIC and Avalanche. All of these soared into double digits. Therefore, SOL is trading above $40, DOT north of $7, MATIC is near $0.8, and AVAX is at $22.
BNB, Ripple, Cardano, Dogecoin, Shiba Inu, Tron, LEO, and Litecoin are also well in the green from the larger-cap alts.
Ethereum Classic is among the best performing small- and mid-cap altcoins, up 33% on a daily scale. ETC is now trading close to $20.
With most other alts charting notable gains, the crypto market cap has added over $60 billion in a day and sits near the coveted $1 trillion mark.
