After days and days of suppressed price actions, bitcoin finally made a big move yesterday evening and shot up by ten grand from top to bottom.
Many altcoins charted even more impressive gains, especially those that were namedropped by President Trump.
BTC Soars by $10K
It was a tough week for the primary cryptocurrency as the asset plunged from $96,000 on Monday to $78,000 by Friday morning. This came amid Trump’s escalating trade war against a few countries, fears about rising inflation, and other possible reasons.
After flushing out billions in over-leveraged positions, BTC finally started to rebound on Friday afternoon and jumped to $84,000. The weekend started calmly, and bitcoin remain still at around $84,000 to $86,000.
That’s when the market took another turn, this time for the better after another interaction by US President Trump. This time, he confirmed that his administration will work on the promised US Crypto Reserve, which sent shockwaves through many altcoins, but more on that later, and BTC eventually.
The largest cryptocurrency had retraced slightly to $85,000 but shot up by $10,000 to $95,000 within a few hours. It has lost some steam since then, but it’s still well above $92,000 as of now. Its market capitalization has surged to $1.840 trillion on CG, and its dominance over the alts stands tall above 58%.
Biggest Alt Gainers
The first trio of crypto assets that was mentioned by Trump was SOL, ADA, and XRP. Expectedly, their prices skyrocketed the most just minutes after his announcement went viral.
Although many have retreated from their respective local tops yesterday, the price gains on a daily scale are evident and still impressive. ETH is up by almost 5% and sits above $2,350. DOGE is close to $0.22, while SOL, ADA, and XRP are still up by double digits. LINK and AVAX are the other top gainers from the larger-cap alts.
In contrast, BNB and LTC are left behind with losses of 1% and 4%, respectively, perhaps because they were not mentioned by Trump.
The total crypto market cap exploded by $300 billion since Sunday’s low after the announcement and is now well above $3.15 trillion on CG.
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Cryptocurrency charts by TradingView.
