Crypto Markets Add $140 Billion in 2 Days as Bitcoin (BTC) Exploded to $68K (Market Watch)

Bitcoin went through a massive rollercoaster yesterday by surging to a multi-month peak of $68,000, dumping by several grand before calming at around $67,000.

Litecoin and Dogecoin have popped up as today’s top performers from the larger-cap alts, both jumping by around 6%.

BTC’s Peak, Retracement, Calmness

It was just last Thursday when the cryptocurrency landscape was quite dire, with BTC dumping hard to a monthly low of under $59,000. However, the bulls managed to intercept the move and helped the asset recover almost all losses by the weekend.

As such, bitcoin stood around $63,000 on Saturday and Sunday but went on the offensive hard on Monday and Tuesday. This culminated yesterday with a price surge to $68,000, which left over $250 million in liquidations.

However, the aset failed to maintain its run at first and was pushed south by about three grand within minutes. Nevertheless, the bulls prevailed once again, and BTC currently trades above $67,000, being 2% up in the past 24 hours.

This rally, which is likely fueled by the growing demand for the spot ETFs, has pushed bitcoin’s market cap to nearly $1.330 trillion. Its dominance over the alts has also soared to 55%, according to CG data.

Bitcoin/Price/Chart 16.10.2024. Source: TradingView

DOGE, LTC Jump

Most altcoins charted impressive gains yesterday and were also on BTC’s rollercoaster. Looking at a 24-hour scale, though, the landscape is a lot calmer.

Ethereum, Binance Coin, Solana, Ripple, and Tron are all with either insignificant gains or minor losses. However, DOGE has shot up by more than 6% within the same timeframe and now trades above $0.124.

Litecoin’s daily surge is identical, and LTC now trades north of $70. Still, the total crypto market cap has gained about $30 billion since yesterday and a whopping $130 billion in the past two days alone. The metric is now above $2.4 trillion on CG.

Cryptocurrency Market Overview. Source: Coin360