Crypto Market Cap at a New ATH as Bitcoin Tapped $58K (Market Watch)

After dipping to $56,000 yesterday, bitcoin has added $2,000 of value and touched $58,000. Ethereum’s latest ATH at $3,100 and numerous other pumping altcoins helped the crypto market cap gain more than $70 billion in a day to a new record just shy of $2.3 billion.

Bitcoin Taps $58K

After reaching a 2-week high at $58,500 a few days ago, the primary cryptocurrency started to retrace slightly. In the following 48 hours, bitcoin dropped by more than $2,500, resulting in testing $56,000 once more.

As reported yesterday, BTC had troubles at that particular level again. However, the bulls took over at that point and pushed the asset upwards.

As a result, bitcoin added more than $2,000 of value in a matter of hours and reached $58,400. Despite retracing with a few hundred dollars since then, BTC is still about 2% up on a 24-hour scale.

The technical indicators suggest that the first resistance line in bitcoin’s way up is at $58,355, followed by two rounded-number ones at $59,000 and the old nemesis $60,000. Alternatively, bitcoin could rely on the support levels at $56,950, $56,400, and $55,400 if it retraces once again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH’s Latest ATH Comes at $3,100

When it comes down to the alternative coins, Ethereum has been stealing the shows for several consecutive days. The second-largest crypto marked multiple new records, leading to breaking another milestone hours ago by tapping $3,000 for the first time.

However, ETH wasn’t satisfied with just reaching a round-number and added more than $100 again for another record at over $3,100.

Binance Coin (2.5%), Ripple (1.5%), Cardano (1%), Polkadot (3%), Litecoin (1.3%), Chainlink (1%), and Dogecoin (0.5%) are also in the green. Uniswap is the most substantial gainer, with an 11% pump to over $44.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower- and mid-cap altcoins, Venus leads the way with a 26% surge to over $125. Maker (19%), Ontology (12%), Waves (12%), Polygon (10%), Helium (10%), Theta Fuel (10%), Terra (10%), and Neo (10%) follow suit.

Ultimately, the cumulative market capitalization expanded by $70 billion in a day and $250 billion in four days to a new record of approximately $2.280 billion, according to CoinMarketCap.


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Cryptocurrency charts by TradingView.

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