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Crypto Markets Skyrocket by Almost $400B in Days as BTC Price Surges Past $103K (Weekend Watch)

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Bitcoin’s recent price ascent took the asset to a new multi-month peak of over $104,000 where it faced some resistance and now sits above $103,000.

Many altcoins continue to post impressive gains, with ETH standing well above $2,300, while DOGE has soared past $0.21.

BTC’s Impressive Week

If we roll back the clock to May 6, we will see that BTC’s price was just rejected at $98,000, and the asset had slipped back down to under $94,000. Although this $4,000 price drop might sound painful, a broader look would show that bitcoin has still added roughly $20,000 since the early April lows. Impressive, right?

Well, the primary cryptocurrency wasn’t done yet, not by a long shot. It bounced off that support line, and it took about a day to fly past the coveted $100,000 line. As such, BTC stood within a six-digit price territory for the first time in over three months.

The gains kept coming on Friday as bitcoin exploded to its highest price level since late January of over $104,000. It met some resistance there and was pushed south by a few grand, but that was short-lived. As of now, BTC stands well above $103,000 – a 7% weekly surge and a 26% monthly pump.

Its market capitalization has risen to $2.050 trillion, while its dominance over the alts has taken a hit and is down to 60.5%, as many altcoins have registered mindblowing price increases.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts With Big Gains

Many altcoins have doubled down on yesterday’s price increases with massive gains today as well. ETH is among the leaders as another 6% surge has taken it to $2,350 where it faces a crucial resistance.

Binance Coin, Solana, Avalanche, and Shiba Inu have marked similar pumps, while DOGE has risen by over 12% and now trades above $0.21.

As a whole, the meme coins have posted the biggest gains, with PEPE and FARTCOIN leading the charts with substantial double-digit price increases.

The total crypto market cap has surged to $3.4 trillion on CG. This means that the metric has added roughly $400 billion since May 6.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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