Bitcoin Market Cap Skyrockets to $1 Trillion After More Than 2 Years: Market Watch

Bitcoin retraced heavily yesterday after the US CPI numbers came out, but the asset didn’t stay down for long and skyrocketed to another multi-year peak price of over $51,500 minutes ago.

The altcoins have also turned green, with ETH soaring to a new high since mid-2022 at over $2,700.

BTC Keeps Going Up

It’s safe to say that last week was among the most positive ones for the primary cryptocurrency in recent history, as the asset closed it at its highest levels since December 2021 after a double-digit gain. The start of the new business week was quite positive as well, as BTC jumped above $50,000 on Monday morning.

The landscape changed on Tuesday, especially after the latest US CPI data came out. The asset reacted negatively to the news and slumped by nearly two grand in hours.

Yet, Bitcoin seems to be in quite a bullish mood and doesn’t tend to stay low for long. Just hours after that retracement, it found itself knocking on the $50,000 door again and, as reported earlier, broke above it in a decisive manner.

This time, the bulls drove it even further north, tapping a new multi-year peak at $51,600 (on Bitstamp). This has helped BTC’s market cap to reach and exceed the coveted $1 trillion mark for the first time in over two years. Its dominance over the alts is also on the rise and is back to 52.6% on CMC.

ETH on the Rise, too

Ethereum is among the several altcoins that have followed BTC on the way up with a very similar daily increase. ETH is up by 2.7% and now sits above $2,700 for the first time in almost two years. TRX, DOT, and ICP have charted similar gains.

Binance Coin, Solana, Ripple, Cardano, Avalanche, Dogecoin, Chainlink, and Polygon are also in the green today.

With most lower- and mid-cap alts charting impressive gains over the past 24 hours as well, it’s no wonder that the total crypto market cap is up by another $50 billion in a day and sits above $1.9 trillion on CMC.