Bitcoin posted one of its most impressive daily price increases in a long time as it skyrocketed from $21,500 to a six-month high of nearly $25,000.
Altcoins have followed suit, marking notable gains. OKB, FTM, APT and NEAR lead the way with double-digit increases.
Bitcoin Approached $25K
The last few days were relatively negative for bitcoin, which fell from over $24,000 to $21,500 amid ongoing regulatory scrutiny by the SEC and other US watchdogs. Then came the US CPI numbers. After which BTC fell below $21,500.
After more volatility in the hours that followed, Bitcoin traded around $21,500 yesterday. At this point, however, the whole picture changed.
The top cryptocurrency kicked off one of its biggest green candles in months and spiked from $21,500 to $24,900 (on Bitstamp), recording its highest price since Aug. 15. Despite pulling back a few hundred dollars since then, BTC is still over 11% up on the day, as Mike Novogratz predicted $30,000 by the end of March.
Its market capitalization jumped to $475 billion for the first time in months. Its dominance over altcoins has increased to 42.7%, which means that the metric has increased by more than 1% in just one day.
Altcoins See Massive Gains
As is often the case when there is strong volatility with BTC, altcoins follow suit in a similar fashion. Ethereum is trading near $1,700 after a 9% daily rise. Just a few days ago, the second largest cryptocurrency had fallen below $1,500.
Binance Coin, which was affected by the SEC-Paxos-BUSD drama, traded at $290 earlier this week. However, BNB is currently sitting above $320 after an 8% rise.
Similar gains are evident in Cardano, Polygon, Solana, Shiba Inu, Polkadot, Litecoin, and many others.
OKB has shot up more than 15% in the last 24 hours and hit a new all-time high within inches of $50. More double-digit price bombs are coming from NEAR, APT, FTM, and other smaller-cap alternatives.
Overall, the crypto market cap has added roughly $100 billion in one day and is now well above $1.1 trillion.
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