bitcoin's most recent run continued over the past 24 hours as the asset's price rose to its highest price in over a month yesterday, just over $67,400.
ethereum has also finally joined the party, having broken through the coveted $3,000 resistance line and jumping above $3,100.
btc sees 5-week peak
bitcoin suffered greatly in early May as it fell to a multi-month low of less than $57,000. It began to regain some ground the following week, when it surpassed $65,000 on May 6, but quickly reversed its trajectory and saw its price fall to below $61,000 on May 10.
The bulls intercepted the move at this point and did not allow any further declines. Quite the contrary, btc maintained its position last weekend and began to rise on Monday to just over $63,000. Another brief correction occurred on Tuesday to $61,200, but the reduction in inflation rates in the US, which was announced on Wednesday, sent the cryptocurrency flying.
In a matter of hours, btc skyrocketed by several thousand dollars and surpassed $66,000. Although there was another brief pullback, rising bitcoin ETF inflows meant further price gains for the underlying asset, which posted a 5-week high of over $67,400 yesterday.
Despite losing some ground since then, btc is still trading around $67,000 now. Its market capitalization has increased to $1.32 trillion in CG, but its dominance over alts has dropped slightly to 51.6%.
eth surpasses $3.1k
The second-largest cryptocurrency was among the laggards in terms of gains, as previously reported and was losing ground against btc. This was because eth was unable to decisively recover $3,000 despite several challenges in recent weeks.
However, that resistance level finally gave way yesterday, allowing Ether to spike above $3,100 for the first time in over a week.
Most of the other larger cap alternatives are also in the green, with gains of around 1-2%. In contrast, Toncoin is down more than 3%, as is HEAR, which is down 4%.
The total crypto market capitalization has added around $20 billion overnight and is now at $2.56 trillion in CG.
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