After a relatively quiet weekend, bitcoin saw an impressive jump and reached $30,000. Many altcoins are also in the green. ETH is at $2,000, while BNB has reached a new two week high.
Bitcoin Reclaims $30K
These seven days were significantly less volatile than the week before, when BTC was dumping by $15,000 at one time. The asset was largely around $30,000 for the last week. There were several attempts to overcome this level, but they failed.
BTC reached a record high of $31,000 on May 16, but it was quickly stopped and retraced by more than $2,000 within hours.
The same scenario was repeated several times more, the most recent one being on Friday. After that rejection, bitcoin fell below $29,000 The cryptocurrency traded mostly sideways over the weekend and failed to challenge $30,000.
This happened late last night, when BTC took the offensive and shot up to an intraday peak of more than $30,500 Its market capitalization has risen to $580 billion.
BTCUSD. Source: TradingView
BNB Marks Local Peak, ETH above $2K
Altcoins were also calm over the weekend but many have gone green today. Ethereum is the leading crypto after it has reclaimed $2,000, and even surpassed $2,100 with a 5% daily rise.
BNB has seen a similar pump push it to $330. This is the highest price the asset has seen since May 10. Avalanche and Solana have also seen impressive gains.
Although they are smaller, Tron, Cardano and Polkadot, Dogecoin and Polkadot are also in the green.
Terra’s controversial cryptocurrencies UST and LUNA – both have pumped in recent hours, but are still far from their prices visible two week ago.
The crypto market cap has risen to over $50 billion per day and is now at $1.3 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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