Crypto Market Capitalization Eyes $1T; BTC Hits Weekly High, ETC Soars 33%

The global crypto market capitalization is close to $1 trillion, as Bitcoin explores weekly highs and Ethereum Classic explodes by 33%.

Bitcoin extended its upside following yesterday’s brief decline and climbed beyond $21.5K to print a weekly high. The alternative tokens joined green, with Ethereum hitting monthly highs, whereas Solana, BNB, MATIC, and Polkadot recorded uptrends.

BTC Steadies Beyond $21K

The leading crypto didn’t flourish within the past week. Bitcoin met rejection at $22K and resorted to gradual value declines. The narrative deteriorated mid-week following the new US CPI data. BTC responded with swift volatility, dropping beneath $19K to explore weekly lows.

Nevertheless, the crypto launched recoveries after touching $20K some days later. Few attempts saw the asset eventually reclaiming the sought-after level and maintaining upside.

Bulls rejoined the market after Bitcoin stopped around $21K yesterday, propelling northward actions. While writing this blog, BTC traded beyond $21,500 after hitting new weekly highs.

Bitcoin’s market cap surged beyond $400 billion, whereas its dominance over alternative tokens slipped to 42% as alts hover in the green.

Ethereum Leads the Pack

As highlighted above, altcoins trade well in the green today. ETH leads the pack after its massive 14% surge within the past day. Moreover, Ethereum climbed beyond $1.4K some hours ago, hitting new monthly peaks.

Other alts with notable increases are Solana, Avalanche, MATIC, and Polkadot. These assets gained double digits within the past day. As a result, Solana trades beyond $40, MATIC near $0.8, DOT up at $7, and AVAX at $22.

Also, BNB, Dogecoin, LEO, Litecoin, Tron, Shiba Inu, Cardano, and Ripple joined other large-cap in the green. Meanwhile, Ethereum Classic led gainers in the mid-and large-cap alts, surging 33% within the previous day. ETC now approaches the $20 mark.

Gains by leading digital asses saw the crypto market capitalization adding more than $60 billion within a day, nearing the sought-after $1 Trillion level. While publishing this blog, the global market cap stood at $970.99 Billion, following a 4.97% increase within the last day.

On the other side, the overall cryptocurrency market volumes increased by 25.43% within the day to $70.07 billion (Coinmarketcap data).

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