Bitcoin Surges to a 2-Week High, ETH Gains 5% (Market Watch)
After several days of sideways trading and dipping toward $16,000, bitcoin finally went on the offensive and tapped $17,000 for the first time in two weeks.
Some altcoins are also well in the green, including a 5% jump from Ethereum, which has pushed it to almost $1,300.
Bitcoin Touched $17K
After last week’s price drop to a two-year low of $15,500, BTC reacted well and regained $1,000 in a matter of days. Then came the weekend, and, similarly to the previous one, the asset stalled around $16,500.
Monday saw another price drop as bitcoin headed directly toward $16,000. However, the bulls stepped up and defended that level, sending BTC up to $16,500 once more.
The landscape turned green today as the cryptocurrency initiated a leg-up that drove it past $17,000 for the first time in two weeks. As of now, BTC has lost a few hundred dollars and stands just under that level, but there’re positive on-chain signs.
As a result, bitcoin’s market capitalization has jumped above $320 billion. Its dominance over the alts has remained at 38%, which could also be regarded as a positive development since the metric had dipped to 37.5% earlier this week.
Ethereum Eyes $1.3K
Ethereum was among the most harmed altcoins after the FTX saga, dropping from over $1,600 to under $1,100. Despite reclaiming some ground since then, the asset was never able to chart impressive gains as it did before the collapse.
ETH stood around $1,200 for a few days straight, but a 5% increase now has pushed it to almost $1,300 as of writing these lines.
Ripple, Dogecoin, Cardano, Polygon, Polkadot, Litecoin, Shiba Inu, OKB, and Tron are also with notable gains from the larger-cap alts.
Binance Coin is among the few alts with minor daily declines. However, BNB still stands north of $300.
Overall, the crypto market cap has added almost $20 billion in a day, and the metric is over $850 billion now.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.