Yesterday, Bitcoin reached $68,000 for the first time in several months. This, along with the strong performance of other cryptocurrencies like Dogecoin (DOGE) and Litecoin (LTC), led to a big surge in the crypto market.
In just the past two days, the total value of all cryptocurrencies increased by an amazing $130 billion. The enthusiasm around spot Bitcoin ETFs and the general market improving sentiment led prices to skyrocket before retreating.
Bitcoin Rallies to $68K, Slight Retrace
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Bitcoin dipped below $59,000 to reach a monthly low last week but has since bounced back over the weekend and came close to hitting $63,000 by Sunday. The still-bullish week carried over, with Bitcoin printing a multi-month peak of $68.000 on Tuesday.
The rally led to a wave of liquidations totaling more than $250 million as traders found themselves on the wrong side of this price action.
Following the rally, Bitcoin however corrected by $3,000 in minutes but recovered shortly after and reclaimed $67,000 as support. The cryptocurrency is also now 2.23% higher over the past day and continues to hold its $1.33 trillion market cap level as of writing.
Bitcoin’s dominance over the crypto market has increased to 55%, reflecting Bitcoin’s leading role in the recent market rebound.
Altcoin Gains add to Market Rebound
Bitcoin’s recent rise has helped other cryptocurrencies, called altcoins, to also go up in value. Among these, Dogecoin and Litecoin did the best.
Dogecoin increased by more than 8% in the last day, now worth $0.125, and Litecoin also went up by 6.5%, reaching $71.43. Both of these coins have been helped by Bitcoin’s rally but their big jumps show that people are more interested in these well-known altcoins again.
Other major cryptocurrencies like Ethereum, Binance Coin, Solana, Ripple, and Tron didn’t change much, either going up or down just a little. Even though most altcoins didn’t move much, the market is doing better than last week when many coins were losing value as per Coin360 heatmap.
Market Cap Surpasses $2.4 Trillion
The total value of all cryptocurrencies has jumped to more than $2.4 trillion, with an increase of $130 billion just in the last two days. This big growth shows that the crypto market is recovering from last week’s negative mood, when Bitcoin and other cryptocurrencies saw significant price drops.
Bitcoin’s importance has grown along with the market’s value, showing its strong influence on the whole digital asset market. While many other cryptocurrencies have seen smaller gains, the overall upward trend suggests that investors are feeling more confident.
The quick recovery of the cryptocurrency market, driven by Bitcoin reaching $68,000 and other cryptocurrencies also rising, has pushed the total market value past $2.4 trillion.
With excitement growing around Bitcoin ETFs and the market mood improving, the market seems ready for more growth. However, whether Bitcoin can keep its recent gains will be key to whether this rally can continue for all cryptocurrencies.
