Bitcoin registered two consecutive days of price increases for the first time in a while as it pumped from under $25,000 to just shy of $27,000 within this timeframe.
ETH’s performance is rather similar, as the second-largest crypto now sits at $1,750. Most other altcoins are in the green as well.
BTC Soars to Weekly High
The SEC’s lawsuits against Binance and Coinbase took their toll on the cryptocurrency market, with BTC slumping last week to $25,400, even though it wasn’t even mentioned in the filings. Despite its instant recovery attempts to $27,400, the landscape remained grim for the past week or so.
The US CPI numbers and the subsequent decision by the Fed to pause raising the interest rates didn’t affect the asset either, at least at first. However, it all changed just hours after the Fed’s decision as BTC dumped from over $26,000 to a three-month low of under $24,800.
The bulls finally stepped up at this point following positive news from the world’s largest asset manager – BlackRock, which filed for a Bitcoin Spot ETF in the States.
BTC went on the offensive and jumped by a grand first on Friday. The past 24 hours were even more promising for the asset as it pumped to $26,800 for the first time in over a week.
Its market capitalization has increased to $515 billion, while its dominance over the alts has gone up to 48% on CMC.BTCUSD. Source: TradingView
Alts See Green
Most altcoins suffered even more than BTC, given the fact they were described as unregistered securities by the US SEC in the lawsuits. The past two days, though, have been quite the opposite.
Ethereum’s multi-month low came during the week at just over $1,600. ETH reacted well since then and is up to $1,750 after a 4% increase in the past 24 hours alone.
Binance Coin, expectedly, dumped hard as well and recently registered a 6-month low at $222. Now, BNB is close to $250, following a 3% daily jump.
Solana has soared the most from the top 10 (6.5%) to over $15. Cardano, Dogecoin, Tron, Polygon, Litecoin, Polkadot, Shiba Inu, and Avalanche are also in the green.
The crypto market cap went to a low of $1.010 trillion on CMC but is above $1.070 trillion now, meaning it has added over $60 billion in the past two days.Cryptocurrency Market Overview. Source: Quantify Crypto