In a dramatic turnaround, Bitcoin (BTC) finally surpassed the $70,000 barrier it had been struggling to overcome. After several attempts, Bitcoin soared past the resistance level to reach a two-week high of over $71,855. This surge comes amidst significant inflows into US spot Bitcoin ETFs, indicating strong investor confidence in the leading cryptocurrency.
The positive momentum wasn’t limited to Bitcoin. Altcoins, which are digital currencies other than Bitcoin, also experienced a surge. Binance Coin (BNB) was a major mover, jumping nearly $100 in a single day and registering a fresh all-time high of $715. This impressive gain puts BNB in close competition with Tether for the third-largest cryptocurrency position.
Bitcoin’s journey to its current peak wasn’t smooth sailing. Last week, the price struggled to break through $70,000, dipping as low as $66,600 before recovering to nearly $68,000 over the weekend. Monday saw another attempt to surpass $70,000, but the price was pushed back down to $69,000. Finally, on Tuesday evening and Wednesday morning, a renewed rally propelled Bitcoin to its current high.
The positive sentiment extended to other major altcoins as well. Toncoin, Shiba Inu, NEAR, and Uniswap (UNI) all experienced impressive gains. Even established players like Ethereum (ETH), XRP, Cardano (ADA), and Chainlink (LINK) saw moderate increases in value.
This surge in cryptocurrency prices resulted in a significant increase in the total market capitalization. The overall market cap jumped by roughly $80 billion in a single day, reaching close to $2.8 trillion.
