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Crypto Markets Gain $60B as Bitcoin Explodes Above $30K (Market Watch)

Bitcoin Reclaims $28K, Closed its Third Best March in History (Weekend Watch)

After a few days of inactivity, bitcoin has finally surged above $30,000 for the first time in ten months. The altcoins have also experienced a rise, contributing to an overall market cap gain of over $60 billion in a 24-hour period.

Bitcoin’s Latest Price Jump

Last week, the primary cryptocurrency remained stagnant around $28,000, leading to speculations about volatility returning mid-week upon the announcement of the latest CPI data by the US. However, bitcoin rallied late Monday and early Tuesday morning, breaking the $29,000 mark and continuing to climb to just over $30,400—the highest price seen since before the Terra collapse. Despite losing a few hundred dollars since then, BTC remains above $30,000, with a market capitalization of $580 billion and almost 1% gained in dominance over the alts in a day, now sitting at 47%.

BTC has risen by almost 100% since the start of the year, but before concluding whether the bull market has returned, several key factors should be considered, as outlined by CryptoPotato yesterday.

BTCUSD. Source: TradingView

SOL, BNB, ADA, LTC Skyrocket

Predictably, most altcoins followed BTC’s lead, receiving massive gains in price. Ethereum saw a 3% daily increase and reclaimed $1,900, with similar price hikes observed from Ripple, Dogecoin, Polygon, and Polkadot from larger-cap altcoins. Meanwhile, Binance Coin, Cardano, and Litecoin recorded 5-6% increases in price, with BNB trading at $330, ADA above $0.4, and LTC approaching $100. SOL saw the highest percentage gain from large-cap alts, with an over 10% price surge in a day, sitting at $22.5.

These price gains have resulted in a $60 billion addition to the crypto market cap, bringing the metric to a multi-month high of $1.240 trillion on CMC.

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