Following days and days of sluggish price performance, bitcoin finally went on the offensive yesterday, gaining more than $2,000 in hours following another crypto win over the SEC in US courts.
The altcoins have also turned green today, with TONCOIN and BCH stealing the show by posting 15% increases.
BTC Soared Past $28K
It’s safe to say that the landscape around the primary cryptocurrency was quite boring for days. After last Thursday’s unsuccessful attempt to overcome $27,000, the asset had returned to $26,000 and didn’t move from there until Tuesday.
This is, though, when the situation changed when a US judge ruled in favor of Grayscale in its legal battle with the Securities and Exchange Commission regarding the agency’s refusal to review the former’s spot Bitcoin ETF application.
This had an immense impact on BTC’s price, which jumped by over two grand in hours, leaving millions in shorts liquidated in its path. Bitcoin tapped $28,200 to mark its highest price tag in almost two weeks.
Although it has lost more than $500 since that local peak, BTC is still over 5% up on the day. Its market cap has increased to above $530 billion, and its dominance over the alts shot up to 49% on CMC.
BTCUSD. Source: TradingView## Alts Turn Green
As it typically happens when BTC heads in either direction fast, so do most altcoins. However, some have performed much better than others. Such is the case with BCH and TONCOIN. Both assets have soared by around 15% in a day to $220 and $1.73, respectively.
Ethereum added over 6% of value to challenge $1,750 but has lost some ground since then. Nevertheless, ETH is still 4% up on the day and sits above $1,700.
Solana is up by over 6.5%, while BNB, DOGE, XRP, ADA, MATIC, and LTC have added somewhere between 3 and 5% in a day.
The total crypto market cap soared by over $60 billion at one point but now stands just inches below $1.1 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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