Following the relatively calm weekend, bitcoin finally initiated an impressive leg up and jumped above $30,000. Most altcoins are also well in the green, with ETH standing north of $2,000 and BNB charting a new two-week high.
Bitcoin recovers $30,000
The past seven days have been significantly less volatile than the previous week, in which BTC lost $15,000 at one point. Over the past week, the asset has remained mostly around the $30,000 mark, with several attempts to decisively break above this level, but with little to no success.
The most significant leg up came on May 16 when BTC spiked to above $31,000 but was quickly stopped in its tracks and retraced by over $2,000 in hours.
This scenario repeated itself several times, with last Friday – after this rejection, bitcoin fell below $29,000. The cryptocurrency spent the weekend trading mostly sideways and failed to challenge $30,000.
However, this happened late last night when BTC went on the offensive and jumped to an intraday high of over $30,500. As such, its market capitalization has increased to about $580 billion.
ETH Above $2,000, BNB Marks Local Peak
Altcoins were also fairly quiet over the weekend, but most turned green today. Ethereum leads the way as the second largest crypto recovered $2,000 and even approached $2,100 after a 5% daily increase.
A similar pump has pushed BNB to $330, which is the highest price point seen by the asset since May 10. Even more impressive gains are evident from Solana, Avalanche, and Shiba Inu.
Although more modest, Ripple, Cardano, Polkadot, Dogecoin and Tron are also in the green.
Terra’s two controversial cryptocurrencies – UST and LUNA – have pumped in the past 24 hours as well but are still miles away from their prices visible two weeks ago.
Ultimately, the crypto market cap added over $50 billion in one day, and the metric is now over $1.3 trillion.
