Crypto Markets Gain $60 Billion Overnight as Bitcoin (BTC) Price Rises to Monthly Highs (Market Watch)

After days of sideways trading around the $43,000 mark, Bitcoin finally made a move in the last 24 hours, rising above $44,000 for the first time since January's ETF-driven declines.

The alternative coins have also turned green and the total capitalization of the crypto market increased by $60 billion in a day.

BTC rises to $44.5k

The major cryptocurrency tried to break above $44,000 several times last week but was stopped each time. The latest rejection pushed the price down by almost two grand after the Federal Reserve said it would not make any changes to its monetary policy.

BTC gained some ground by the end of the week and returned to $43,000. The next few days were extremely uneventful as the cryptocurrency remained at this level.

That changed earlier today as the asset embarked on an impressive rise that saw it break through $44,000 for the first time since volatility following ETF approval. Furthermore, BTC rose to $44,700, hitting a monthly high.

Its market cap has increased to $875 billion while its dominance over alts on CMC is up to 51.3%.

BTCUSD. Source: TradingView

Alts turn green

Most altcoins have also been unusually stagnant in the last few days, but most are now in the green. Ethereum leads the way with a 2% increase, helping push the price above $2,400. Binance Coin has surged as high as $315 after a 4% daily rise.

Solana and Cardano have gained the most among the larger market cap altcoins. SOL is up 6% and trading above $100, while ADA is up 9% and trading above $0.5.

XRP, AVAX, DOGE, DOT, LINK, MATIC and TON are also in the green. Given that most small and mid-cap altcoins posted gains in the last 24 hours, it is no wonder that the total crypto market cap increased by $60 billion overnight and CMC stands at $1.710 trillion -Dollar lies.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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