Crypto markets add $140 billion in 2 days as Bitcoin (BTC) explodes at $68,000 (Market Watch)

Bitcoin went through a massive rollercoaster ride yesterday as it surged to a multi-month high of $68,000, dropping several thousand before settling around $67,000.

Litecoin and Dogecoin have emerged as the current best performers of the larger-cap alternatives, both jumping around 6%.

BTC Peak, Pullback, Calm

It was last Thursday when the cryptocurrency landscape was quite grim, with BTC falling sharply to a monthly low below $59,000. However, the bulls managed to intercept the move and helped the asset recover almost all of its losses over the weekend.

As such, bitcoin hovered around $63,000 on Saturday and Sunday, but went on the offensive on Monday and Tuesday. This culminated in a price increase to $68,000 yesterday, leaving over $250 million in liquidations.

However, the asset was unable to sustain its early run and was pushed south by about three thousand in a matter of minutes. However, the bulls prevailed again and BTC is currently trading above $67,000, up 2% in the last 24 hours.

This rally, likely fueled by growing demand for spot ETFs, has pushed bitcoin’s market capitalization to nearly $1.33 trillion. Its dominance over the alts has also shot up to 55%, according to CG data.

Bitcoin/Price/Chart 16.10.2024. Source: TradingView DOGE, LTC Jump

Most of the altcoins posted impressive gains yesterday and also found themselves riding the BTC rollercoaster. On a 24-hour scale, however, the landscape is much calmer.

Ethereum, Binance Coin, Solana, Ripple and Tron have negligible gains or minor losses. However, DOGE has soared over 6% in the same time frame and is now trading above $0.124.

Litecoin’s daily rise is identical and LTC is now trading north of $70. Still, the total crypto market cap has gained about $30 billion since yesterday, and a whopping $130 billion in the past two days alone. The metric is now above $2.4 trillion in CG.

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