After a very underwhelming few days of Bitcoin price action, significant ETF flows and positive US CPI numbers led to a significant rally, pushing the cryptocurrency to a three-week high of $66,000. pushed it to a higher level.
The situation with altcoins is very similar, with most altcoins turning green on a daily scale. ETH is above $3,000, and SOL and NEAR are surging double digits.
Bitcoin soars above $66,000
The major digital asset failed to break out of the $64,000 level last Friday and fell sharply to just over $61,000. It took advantage of a relatively quiet weekend to regain momentum and hover around $61,000.
Bulls began a notable price rally on Monday, pushing Bitcoin to just over $63,000. Although it was initially unable to capture that line, it went on the offensive again yesterday following the release of the US Consumer Price Index (CPI) for April.
The fact that it met expectations by 3.4% propelled it towards $64,000. Positive inflows into the U.S. Spot BTC ETF sparked another rally, pushing the cryptocurrency to a three-week high of around $66,500.
Although Bitcoin has lost some ground since then, it is still trading above $66,000. Its market capitalization has soared to more than $1.3 trillion, and its control over alternatives is nearly 52%.
Sol is getting closer
This usually happens when BTC goes in one direction, but most altcoins do as well. Ethereum has regained the $3,000 level after rising 3.6% over the past day. Binance Coin is up 3% to over $580. Similar increases are also evident from XRP and DOGE.
Shiba Inu, Avalanche, Polkadot, Bitcoin Cash, and Cardano rose around 6-8%. However, the most impressive benefits come from the native tokens of Solana and the NEAR protocol.
SOL is up 13% and well above $160. Meanwhile, NEAR has surged 17% and is trading above $8.1.
TON and PEPE are currently the only large-cap stocks showing significant price declines on a daily scale.
The market capitalization of cryptocurrencies has increased by about $150 billion from yesterday's lows and now stands at over $2.5 trillion.
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