BTC Eyes $25K for the First Time Since August as Crypto Markets Add $100B: Market Watch

Bitcoin registered one of its most impressive daily price increases in a while by skyrocketing from $21,500 to a six-month high of almost $25,000.

The alternative coins have followed suit, marking notable gains. OKB, FTM, APT, and NEAR lead the way with double-digit increases.

Bitcoin Neared $25K

The past several days were relatively negative for bitcoin, which dropped from over $24,000 to $21,500 amid the ongoing regulatory scrutiny by the SEC and other US watchdogs. Then came the US CPI numbers, after which BTC dropped below $21,500.

After some enhanced volatility in the following hours, bitcoin found itself trading around $21,500 yesterday. At this point, though, the entire landscape changed.

The primary cryptocurrency initiated one of its largest green candles in months and soared from $21,500 to $24,900 (on Bitstamp), registering its highest price tag since August 15. Despite retracing by a few hundred dollars since then, BTC is still more than 11% up on the day, as Mike Novogratz predicted $30,000 by the end of March.

Its market capitalization has jumped to $475 billion for the first time in months. Its dominance over the altcoins has gone up to 42.7%, meaning that the metric is up by over 1% in just a day.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Massive Gains

As typically happens when there’s strong volatility with BTC, the alternative coins follow suit in a similar fashion. Ethereum trades close to $1,700 following a 9% daily surge. Just a few days ago, the second-largest cryptocurrency had dipped beneath $1,500.

Binance Coin, which was affected in the SEC-Paxos-BUSD drama, traded at $290 earlier this week. However, BNB currently sits above $320 after an 8% increase.

Similar gains are evident from Cardano, Polygon, Solana, Shiba Inu, Polkadot, Litecoin, and many others.

OKB has soared by over 15% in the past 24 hours and tapped a new all-time high inches away from $50. More double-digit price pumps come from NEAR, APT, FTM, and other lower-cap alts.

Overall, the crypto market cap has added roughly $100 billion in a day and is well above $1.1 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.