Following a relatively calm weekend that saw BTC experience a slight dip below $51,000, the asset has successfully recovered, surpassing $52,000 once more.
In the last 24 hours, Ethereum has emerged as one of the standout performers, surging to its highest price in nearly two years, exceeding $2,900.
BTC Back Above $52K
The trading week concluding on February 11 marked BTC’s most significant weekly gain since October, experiencing a surge of 13%. The primary cryptocurrency’s performance over the past seven days was notably impressive.
The week commenced with a substantial uptick on Monday, propelling Bitcoin beyond the $50,000 threshold. A brief but sharp retracement followed on Tuesday, coinciding with the release of the latest CPI numbers by the US.
BTC’s bullish momentum returned later in the week, propelling the asset to $52,900 by Thursday, a level not seen since late 2021. However, it faced resistance and retraced to $50,500 by Saturday.
In the last 36 hours, the market has been relatively stable, with BTC gradually climbing to slightly above $52,000 at present. Consequently, it concludes another week with a notable increase of over three thousand dollars.
Despite this positive trend, BTC’s market capitalization remains above $1.020 trillion. However, its dominance over altcoins has slightly decreased, currently standing at 49.2% on CG.
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ETH Goes Higher
In recent weeks, Ethereum has been steadily gaining value, mirroring the upward trend observed in BTC when speculation about the potential approval of spot Bitcoin ETFs was intensifying. Over the past 24 hours alone, ETH has surged by another 4%, reaching a 21-month peak of over $2,900, fueled by community expectations of the SEC approving spot Ethereum ETFs.
Similarly, other tokens associated with the Ethereum ecosystem have experienced notable increases in the past 24 hours. MATIC has risen by 5%, approaching the $1 mark, while OP has witnessed a 6% surge, trading at $3.9.
Solana has successfully reclaimed the $110 level with a 2.5% increase, paralleled by DOGE, which has climbed above $0.086. On the other hand, BNB has retraced by over 1%, currently sitting at $350.
Despite the slight fluctuations in individual tokens, the overall cryptocurrency market has seen a significant boost, adding over $40 billion overnight and reaching a total market capitalization above $2.080 trillion on CG.
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