According to CryptoPotato, the cryptocurrency market has seen a meteoric rise, with a near $400 billion leap in a matter of days. This surge has been primarily led by Bitcoin, which has smashed through the $103K mark.
Following a multi-month high of over $104,000, Bitcoin faced resistance, but remains comfortably above the $103,000 mark. Meanwhile, altcoins such as ETH and DOGE have also experienced impressive growth, with ETH comfortably standing above $2,300, and DOGE soaring beyond $0.21.
Let’s rewind to May 6th, when Bitcoin was just shy of $98,000 before retracting to under $94,000. Despite this $4,000 setback, Bitcoin has seen an overall increase of around $20,000 since the start of April.
After bouncing back from the support line, Bitcoin took just one day to break past the coveted $100,000 mark, thus entering a six-digit price territory for the first time in over three months.
Friday brought further gains with Bitcoin reaching its highest level since late January, hitting over $104,000. Although it faced some resistance at this point, Bitcoin remains well above $103,000, representing a weekly increase of 7% and a monthly pump of 26%.
Bitcoin’s market capitalization now stands at $2.050 trillion, while its dominance over altcoins has dipped slightly to 60.5%. This drop in dominance is due to the significant price increases seen across numerous altcoins.
ETH, Binance Coin, Solana, Avalanche, and Shiba Inu have all experienced similar price pumps, while DOGE has increased by over 12%, now trading above $0.21. Meme coins have seen the most significant gains, led by PEPE and FARTCOIN with substantial double-digit price increases.
The total crypto market cap now stands at a staggering $3.4 trillion. This indicates that it has grown by approximately $400 billion since May 6.
