Bitcoin Rises to 6-week High, Cryptocurrency Market Cap Drops by $1,000 (Market Watch)

After days of almost no volatility, Bitcoin finally broke through in the last 12 hours, rising to its highest price point since mid-September.

Altcoins are also doing well, with ETH soaring to new high local gains and double the number from ADA, SOL, and many more.

Bitcoin soars to $21,000

It is safe to say that the past few days have been very quiet and stagnant for the major cryptocurrencies. The asset spent most of the past week trading in a narrow range between $19,000 and $20,000, unable to regain the latter.

The only notable volatility came at the end of the business week when it fell to $18,600, but rebounded and settled to $19,000 over the weekend on light trading.

Monday and Tuesday weren’t quite that different, but the scene finally started to change late last night. BTC jumped to $20,000 for the first time in about 20 days, leaving over $100 million in liquidation.

Although it initially pulled back a bit, the asset took another step higher a few minutes ago, rising to just under $21,000 for the first time since the crash in mid-September. However, Arthur Hayes gave some warnings to the community not to get too excited.

The market capitalization of BTC is once again close to $400 billion, while its dominance over alternatives has shrunk slightly to 39.7%.

BTCUSD. Source: TradingView

Altcoins with huge profits

Altcoins have also been trading sideways over the past few days, but today the situation is completely different.

Ethereum has been among the worst performing companies since the long-awaited merger took place. The news selling event pushed ETH from above $1600 to $1300 as the asset calmed down and held steady for weeks.

However, ETH has surged to a multi-week high of $1,550 so far, after a 15% daily gain. Similar double-digit increases are also demonstrated by Cardano, Solana, Dogecoin and Polkadot from the larger alternatives.

Despite the small gains, Binance Coin, Ripple, MATIC, Shiba Inu and Avalanche are also doing well in the green.

Most of the lower and middle caps are also making significant gains, helping the cryptocurrency market cap to cross $1 trillion for the first time in October.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto

Post-Bitcoin rebounded to 6-week high, shedding $1 trillion cryptocurrency market caps (market watch) for the first time on CryptoPotato.

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