Bitcoin’s price continued its ascent over the past 24 hours, surpassing $60,000 and reaching a multi-week high of over $60,500. The altcoins are also performing well, increasing the total crypto market capitalization by more than $70 billion since yesterday.
### BTC Touched $60.5K
After last Friday’s correction that drove BTC to $52,500, the asset recovered some ground during the weekend and surged dramatically on Monday, gaining $4,000 in 24 hours and briefly exceeding $58,000. The mid-week price action was quite volatile, especially after the US CPI numbers were released on Wednesday, causing several fluctuations in bitcoin’s price.
Nevertheless, the bulls appeared to have regained control of the market. They initiated another upward move on Friday, bringing BTC close to $60,000. Although it initially struggled, the cryptocurrency flew past that level earlier this morning, reaching a 16-day peak of just over $60,500.
This surge followed a trend change in the US spot Bitcoin ETFs, which saw over $400 million in net outflows last week. Additionally, MicroStrategy announced another significant BTC purchase worth over $1.1 billion.
BTC has lost some momentum for now but is still up 4% on the day. Its market cap has risen to $1.185 trillion, and its dominance over altcoins is above 54%.
### Alts See Green
Most altcoins have followed BTC’s upward trend. ETH and BNB have gained around 2% each and are now trading above $2,400 and $550, respectively.
More significant increases come from DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). TRX is among the few altcoins that have experienced minor retracements over the past day.
The cumulative market cap of all crypto assets has increased by about $70 billion since yesterday, now standing at $2.2 trillion.
