BTC, ETH rise to 19-month high, crypto market increases by $70 billion daily (Market Watch)

After trading quietly below $39,000 for most of the weekend, Bitcoin went on the offensive Monday morning, surging above $40,000 to a 19-month high of $41,750.

Altcoins followed suit, with ETH soaring above $2,250 and several Terra-related tokens once again posting double-digit price spikes.

BTC approaches $42,000

A lot can change in seven days in the crypto market. Just a week ago, major digital assets were trading below $37,000 after a quiet weekend. It began to regain momentum over the next few days, topping $38,000 several times before decisively surpassing that level by mid-week.

Further gains at the start of the weekend saw Bitcoin rise above $39,000 for the first time since May 2022. This led to multiple speculation within the community that the $40,000 drop would be next.

Sunday was quiet, but by Monday morning the landscape had improved. Bitcoin began a massive rally that resulted in it breaking above $40,000. However, the asset did not stop there and continued to rise.

As a result, the stock price soared to $41,750, a 19-month high, and left more than $150 million in liquidation proceeds.

This means the company's market capitalization has increased to well over $810 billion, and its control over alternatives rose 0.6% in one day to 52.6%.

alts sea green

The situation for altcoins is very similar, with green dominating almost all charts. Ethereum soared more than 4% overnight to hit a 19-month high at $2,260. Binance Coin has regained the $230 level after a daily increase of 3%.

Ripple, Cardano, Tron, Avalanche, Polygon, and Polkadot have seen similar gains, with DOGE and SHIB, the two largest meme coins, soaring 6% and 11%, respectively.

Bitcoin Cash has also risen by a surprising percentage (10%) and is now trading at $250.

The cumulative market capitalization of all crypto assets increased by more than $70 billion in one day, reaching $1.55 trillion in CMC.