Crypto Markets Added $100B Weekly as BTC Reclaims $30K (Market Watch)

Bitcoin’s price increases continued in the past 24 hours, with the asset soaring to a new multi-month peak at around $31,000.

The altcoins are also in the green. SOL touched $30 for the first time in months as well, while LINK and MATIC have skyrocketed by double digits.

BTC at Highest Point Since July

It was a week ago when bitcoin skyrocketed by $2,000 in hours following a false report claiming that the SEC had finally approved a spot BTC ETF. Once that was rebutted, the cryptocurrency plummeted back down to $28,000.

However, the bulls kept control of the market and gradually pushed BTC toward $29,000 during the week. Once Friday came, they drove the asset to above $30,000 for the first time in August.

After a brief retracement, bitcoin went on the offensive once again during the weekend, and especially earlier today. As reported, the asset touched $31,000 during the Monday morning Asian trading session, which became its highest price tag since mid-July.

As of now, BTC stands a few hundred dollars below that local peak. Its market cap has neared $600 billion, while its dominance over the altcoins has been reduced slightly to 51.4% on CMC.

BTCUSD. Source: TradingView## These Alts Have Gained the Most

Chainlink has been among the top performers lately, as mentioned yesterday, and the popular altcoin has only doubled down in the past 24 hours. LINK has jumped by another 13% since Sunday and now stands at a multi-month peak of its own at over $10.

SOL is also at a local high, having surged past $30 following a 5.5% daily increase. Polygon is the other notable double-digit gainer from the larger-cap alts. MATIC is up by 10% and trades north of $0.6.

Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, Toncoin, Polkadot, and Litecoin are also in the green, albeit in a more modest fashion.

With most mid- and lower-cap alts charting impressive gains as well, it’s no wonder that the total crypto market cap has shot up to $1.170 trillion on CMC today. This means that the metric has increased by roughly $100 billion in the past week or so.

Cryptocurrency Market Overview. Source: Quantify Crypto