Crypto Markets Add $30B Daily as Bitcoin Price Soars Above $27K (Market Watch)

Bitcoin failed at reclaiming $27,000 yesterday, but the bulls didn’t give up and pushed the asset to a 9-day high above that line earlier today.

Most altcoins are also in the green, with ETH jumping by 4% and SOL soaring by approximately 6%.

BTC Above $27K

The primary cryptocurrency traded at $27,500 in the middle of last week but quickly retraced following the latest US Federal Reserve FOMC meeting. It spent the next few days sitting at around $26,600 until Monday morning.

That’s when the landscape changed for the worse and BTC slipped to just under $26,000. After charting this 12-day low at the time, the asset bounced off and jumped to $26,800 on Wednesday.

However, it failed to continue upwards and retraced back down to under $26,200. The bulls initiated another leg up yesterday, which was halted at first. Nevertheless, their persistence finally paid off hours ago when bitcoin climbed to a multi-day peak of $27,250 (on Bitstamp).

As of now, the cryptocurrency still stands inches above $27,000, with its market cap soaring to $530 billion and its dominance over the alts increasing slightly to 49%.

BTCUSD. Source: TradingView## Alts See Green

Aside from LEO, MKR, and XMR, most other larger-cap alts have followed BTC on its path north. Ethereum has neared $1,700 after a 4% increase, and Binance Coin is close to $220 following a 2% surge. Ripple, Dogecoin, and Polkadot have all added similar percentages as BNB.

More gains come from the likes of Cardano, Solana, Tron, Polygon, and Litecoin. SOL is the top performer out of this group, with a 5.5% increase that has taken it to above $20.

Overall, COMP has soared the most today (11%), followed by APE (9%), Aave (9%), PEPE (9%), ARB (9%), and several others.

The total crypto market cap is up by 2.5% (or $30 billion) in a day and sits above $1.080 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto