Bitcoin Snaps 6-Day High Above $61,000, Ripple Jumps 6% Daily (Market Watch)

Bitcoin price surged hours ago from around $58,000 to a weekly high of just over $61,000 before pulling back slightly.

Altcoins have also turned green, with total market capitalization adding over $60 billion since yesterday.

BTC leveraged $61,000

The end of the previous working week saw a substantial decline in bitcoin as the asset fell to just over $56,000. However, the bulls were able to intervene and avoid further corrections. By the time the weekend arrived, BTC had regained some ground and settled into a tighter range between $59,000 and $60,000.

The start of the new trading week saw another pullback. This time, the cryptocurrency fell from around $60,000 to $58,000.

However, the trends quickly reversed on Tuesday morning, as bitcoin soared by more than three thousand to surpass $61,000 for the first time since last Wednesday. Despite losing some traction and currently trading below this level, BTC is still up 3.5% on the day.

Its market capitalization has once again leveraged $1.2 trillion in CG, while its dominance over altcoins stands at close to 54%.

Bitcoin/Price/Chart 20.08.2024. Source: TradingView Alts See Green

Most altcoins have mimicked BTC’s performance over the past 12 hours or so. BNB is in the lead among the largest caps, adding 6% in value. As a result, Binance Coin is now above $565. Ripple’s native token has risen by a similar percentage and is trading north of $0.6.

Other notable gains in this cohort of assets include Tron and Avalanche. Both are up 6-7% and are trading at $0.15 and $22 respectively.

Additional gains come from FET (10%), SUI (9%) and PEPE (9%), while LTC is the only alternative with a smaller decline on a daily basis.

The cumulative market capitalization of all crypto assets has increased by about $60 billion since yesterday and is now over $2.23 trillion.

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