Crypto Markets Gain $50B Overnight as Bitcoin Price Explodes to 18-Month High (Market Watch)

9 November 2023

in HBAR

Reading Time: 3 mins read

Bitcoin stood relatively still for a few days but soared by over a grand and a half in the past 24 hours to reach its highest price tag since early May 2022.

The altcoins have also turned green, with notable price gains from the likes of LINK and MATIC. As such, the total market cap has soared to almost $1.4 trillion.

BTC Neared $37K

It was just a couple of days ago when the primary cryptocurrency slipped under the pressure inserted by the bears to $34,500. However, the bulls were quick to react and didn’t allow any further price declines.

Just the opposite, bitcoin went on the offensive in the following hours and spiked to almost $36,000. After a brief rejection, as reported yesterday, the asset initiated another leg-up that drove it to that same level late last night.

This time, though, the bulls were more persistent and drove the cryptocurrency even further north. As a result, BTC spiked to almost $37,000 for the first time in 18 months, leaving more than $140 million in liquidation.

BTC has been unable to overcome the $37,000 line yet and currently sits inches below it. Nevertheless, its market capitalization skyrocketed to over $710 billion, while its dominance over the alts stands strong at just above 52%.

BTCUSD. Source: TradingView

Alts Turn Green

As it typically happens when BTC heads in either direction rapidly, so do most of the altcoins, in many cases in an even more spectacular fashion. Such is the case with alts like Chainlink, MATIC, SHIB, FIL, HBAR, AAVE, OKB, KAS, LDO, and QNT.

Many of these alts have shot up by over 10% in a day, and in the case of KAS – the price surge is by 22%.

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Ethereum, Binance Coin, Ripple, Solana, Cardano, Dogecoin, Tron, and Polkadot are also well in the green, albeit with more modest gains.

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Overall, the total crypto market cap touched $1,380 trillion on CMC after surging by $50 billion daily.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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