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It was one of the most impressive endings to a business week in a long, long time. Let’s dive in.
ByJordan Lyanchev
Oh, what a week it was in the cryptocurrency (and not only) markets. We will dig into all of that as finally, after weeks (and even months) of sideways action without any clear indication of a breakout, BTC skyrocketed to fresh peaks.
But before we go into details on that, let’s rewind the clock to last Friday, when the primary cryptocurrency was struggling a lot. Despite the positive US CPI data from a few days back, the asset slumped to $62,500 to mark a ten-day low. Again, little to no indication of what was about to happen soon.
The bulls tried to intervene and helped <a href="https://xpertsstudio.com/bitcoin-jumps-stocks-bounce-as-traders-weigh-us-treasury-action/” title=”Bitcoin jumps, stocks bounce as traders weigh US Treasury action”>bitcoin recover to $63,000, where it spent the entire weekend with no actual volatility. The first minor signs of a bullish change came on Monday when BTC gradually increased to $64,000. It tapped $65,000 on Tuesday, but as it has frequently happened in the past few months, it was rejected and slipped back down to $64,000.
Then came Wednesday. Instead of another rejection, the bulls took the front seat. In fact, they took all seats, initiating a massive leg up that drove BTC to $70,000 within hours, liquidating over $1 billion in shorts in 60 minutes. After a brief correction to $68,000, bitcoin went on the offensive once again. This time, it flew to $72,000.
The scenario repeated a few more times, and the culmination, at least for now, took place earlier today. Bitcoin skyrocketed to almost $80,000 for the first time in over three months, gaining $15,000 in 48 hours.
Its massive run was finally halted, or at least paused, and BTC now sits at around $77,000. Nevertheless, the weekly gains are nothing short of mind-blowing, showing a 23.6% surge. Some altcoins have performed even better, with ETH touching $2.4K earlier today after a 30% pump. XRP stole the show as it rebounded from the $1.00 support with a spectacular 40% surge to $1.40.
Other massive gainers include SOL, HYPE, ZEC, DOGE, LINK, ADA, BCH, and many, many more. The chart below paints a very clear picture. After all, the total market cap has added more than $400 billion since Wednesday.
Source: cryptopotato.com