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Bitcoin Charted 3-Week High as Crypto Markets Added $30B Overnight (Market Watch)

BTCEUR - Jordan Lyanchev 2023-05-29 17:00

Shortly after the US government said it reached some sort of a deal regarding the debt ceiling, BTC jumped by over a grand to register a three-week high.

The altcoins are also in the green today, with ETH tapping $1,900 for the first time since early May.

BTC Shot Up to Local Peaks

Bitcoin was trading sideways for most of last week, as it was stopped at $27,500 on a few occasions. The last one drove the asset south hard as it dipped to under $26,000 for the first time in two weeks.

After recovering most of the lost value in the next day or so, BTC return to its rather familiar range of $26,500 and $27,500. The start of the weekend was relatively stable as the cryptocurrency remained at around $27,000.

It wasn’t until early Monday when the landscape started to change. On news that the US government had finally struck a deal on the debt limit, BTC jumped by ove a grand and neared $28,500, which became its highest price tag since May 8.

Despite losing several hundred dollars since then, bitcoin is still over 2% up on the day. Its market capitalization has shot up to $540 billion, and its dominance over the alts is up to 46.6%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

ETH Taps $1.9K

The alternative coins have also headed north in the past 24 hours. Ethereum is among the most notable gainers from the top 10. ETH is up by almost 3% and tapped $1,900 to mark its highest price tag in about three weeks.

Binance (2%) is close to $315. Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Litecoin, and Avalanche are also in the green.

The most gains come from LDO and QNT. Both assets are up by somewhere between 5-6%.

Overall, the total crypto market cap exceeded $1.170 trillion earlier today, which mean it had added $30 billion daily and $70 billion in four days.

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

The post Bitcoin Charted 3-Week High as Crypto Markets Added $30B Overnight (Market Watch) appeared first on CryptoPotato.