Market Cap Eyes $1T: Bitcoin Taps Weekly High, Ethereum Classic Explodes 33%

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 $21K

The past seven days weren’t going well for the primary 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, it began its recovery shortly after and came knocking on the $20,000 door a few days later. It took a few attempts but finally reclaimed 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 cap has surged above $400 billion, but its dominance over the alts has declined to 42% as most of them are well in the green.

BTCUSD. Source: TradingView

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 from Solana, Polkadot, MATIC, and Avalanche. All these have soared by double digits. Consequently, SOL trades above $40, DOT north of $7, MATIC is close to $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 performers from the lower- and mid-cap altcoins, being up by 33% on a daily scale. ETC now trades 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.

Cryptocurrency Market Overview. Source: Quantify Crypto

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