Bitcoin (BTC) Surges to 16-Day High as Crypto Market Adds $70 Billion Daily (Weekend Watch)

Bitcoin's price rally continued over the past 24 hours, topping $60,000 and surpassing $60,500, its highest price in several weeks.

Altcoins are also on the rise, with the total cryptocurrency market capitalization increasing by more than $70 billion since yesterday.

BTC hits $60.5K

A correction last Friday saw BTC fall to as low as $52,500, but it recovered somewhat over the weekend, only to mount a ferocious fightback on Monday, surging by $4,000 in 24 hours to briefly surpass $58,000. Mid-week price action was fairly volatile, especially following the release of US CPI figures on Wednesday, with Bitcoin recording several ups and downs.

However, it seems like the bulls have taken control of the market. On Friday, they started the rally again, pushing BTC close to $60,000. After initially failing, the cryptocurrency broke through that level early this morning, reaching a 16-day high just above $60,500.

This comes after a trend change in the US spot Bitcoin ETF, which turned the tables last week with net outflows exceeding $400 million, and MicroStrategy announced a massive BTC purchase of over $1.1 billion.

BTC has lost steam for now, but still managed to rise 4% in one day, its market cap has soared to $1.185 trillion, and its dominance over altcoins in the CG is now over 54%.

Look Green for Alternatives

Most altcoins have followed BTC in the upward trajectory, with ETH and BNB each up around 2% and now trading above $2,400 and $550, respectively.

More impressive gains include DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), IMX (5%), etc. TRX is one of the few altcoins to have seen a small pullback over the past day.

The cumulative market capitalization of all crypto assets has increased by approximately $70 billion since yesterday, and now stands at $2.2 trillion.