Bitcoin’s latest surge comes after a slight dip in price, dropping below $120,000, followed by a consolidation period. BTC then experienced a few rejections at the $120,000 mark, which led to a significant downturn to a low of $114,500. This was largely due to Galaxy Digital selling 80,000 BTC (worth over $9 billion) on behalf of a third party.

After the sell-off, Bitcoin’s price began to bounce back, surpassing $117,000 yesterday and reaching $118,400 today. As a result, the asset has rebounded by $4,000 since its Friday low. Bitcoin’s market cap now stands at $2.350 trillion, with its dominance over altcoins hovering at 59.2%.

Other altcoins have also seen minor gains. Ethereum’s price climbed to $3,800 today following a 1-2% increase. Ripple’s native token stands at $3.2 following a similar jump. Other altcoins including BNB, SOL, DOGE, TRX, and ADA have also seen similar increases.

CRO and BCH have witnessed over 5-6% growth in a day, with CRO breaking a new six-month record of over $0.14. The top performer among the top 100 altcoins is HBAR, with an increase of over 10%, trading at over $0.29. The total crypto market cap has added another $30 billion, currently standing at $3.970 trillion.

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Several altcoins have also made notable progress, with XRP, CRO, and especially XLM recording remarkable increases. Bitcoin’s value had been hovering around $105,000 to $110,000 for a while, with attempts at a breakout being consistently thwarted. However, this pattern was disrupted on Wednesday evening when Bitcoin finally surpassed the upper boundary, reaching a new record high of $112,000.

After a small pullback, Bitcoin initiated an even more impressive surge, peaking at $116,000 on Thursday evening, before touching nearly $119,000 on Friday morning. Although it has since lost some momentum and currently trades just below $118,000, Bitcoin has seen a weekly growth of over 9%. The market capitalization of Bitcoin has increased to $2.345 trillion, even though its dominance over altcoins has slightly decreased to 62.5%.

Meanwhile, most altcoins have also seen substantial gains in the past few days. For instance, Ethereum jumped from $2,500 to over $3,000, marking a five-month high, before slightly correcting below the latter. XRP, initially slow, made headlines yesterday with a surge to almost $3, and despite a fall to below $2.8, it’s still up 7% for the day, surpassing USDT in market cap.

CRO also saw a significant price increase, rising well over $0.1. However, the star of the day was XLM, soaring by over 22% and currently trading above $0.37. In contrast, Pi Network’s native token dipped by over 6% and is struggling to stay above $0.47.

The total market cap of all cryptocurrencies has added over $300 billion since Wednesday, currently standing at an impressive $3.750 trillion.

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Cronos, affiliated with the crypto exchange Crypto.com, had previously proposed to reinstate 70 billion CRO tokens that were burned in 2021, with the aim to revert to its initial 100 billion token supply as a “Strategic Reserve.” This alleged $5 billion scheme (based on the current $0.08 CRO prices) was designed to enhance U.S. crypto prevalence, foster ecosystem expansion, and initiate a CRO ETF. The community reacted strongly against this when the vote commenced, with 86% opposing it in the initial days.

However, crypto governance is infamous for being community-led in name only, with major token holders having the power to control any proposals and modifications as they please — even if the vote is, theoretically, carried out transparently by the “community.”

The proposal, active from March 2-16 and throughout its voting period, barely approached the 33.4% quorum required to pass. Then, on Monday at 14:00 UTC, a sudden casting of 3.35 billion CRO votes changed the game, achieving quorum and cementing the resolution. Final tally: 61.18% in favor, 17.61% against, 20.11% abstained, and 0.11% vetoed.

Two influencer network validators, Starship and Falcon Heavy, supported the initiative as of March 10, overshadowed by 77.97% opposing it and 8.47% abstaining at that time. On Monday, Electron, Antares, and Minotaur IV joined the fray — using a combined 3.2 billion CRO in voting power to endorse the proposal.

Immediately following the vote’s conclusion, the Cronos network underwent an upgrade which was completed on March 18 at 03:00 UTC, paving the way for a more than 200% surge in supply in the upcoming years. The market has reacted accordingly, with CRO falling 8.5% in the past 24 hours in an otherwise stable market.

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