Crypto Markets Add $60B In 2 Days As BTC, ETH Jump 4% (Weekend Watch)

Bitcoin recorded two consecutive days of price gains for the first time in a while, as it moved from lows of $25,000 to lows of $27,000 within this time frame.

ETH’s performance is relatively similar, as the second largest crypto now sits at $1,750. Most other altcoins are also in the green.

BTC climbs to weekly high

The SEC lawsuit against Binance and Coinbase took its toll on the cryptocurrency market, with BTC plunging to $25,400 last week even though it was not mentioned in the filing. The outlook has remained grim over the past week, despite attempts to urgently recover $27,400.

The US CPI number and the subsequent decision by the Fed to hold off on raising interest rates did not affect assets, at least at first. However, everything changed just hours after the Fed’s decision as BTC plummeted from over $26,000 to a three-month low of just under $24,800.

This point finally got bullish after positive news from the world’s largest asset manager – BlackRock, filed for a bitcoin spot ETF in the States.

BTC turned aggressive and jumped first on Friday. The last 24 hours were even more promising for the asset as it reached $26,800 for the first time in a week.

Its market capitalization has grown to $515 billion, while its dominance over CMC has grown to 48%.

Alt C Green

Most altcoins suffered even more losses than BTC, given the fact that they were described as unregistered securities by the US SEC in the lawsuits. However, the last two days have been quite the opposite.

During the week, Ethereum hit a multi-month low just above $1,600. ETH has since responded well and is up to $1,750 after gaining 4% in the last 24 hours.

Binance Coin, as expected, fell hard and recently registered a 6-month low at $222. BNB is now near $250 after a 3% daily jump.

Solana is the biggest gainer from the top 10 (6.5%) to over $15. Cardano, Dogecoin, Tron, Polygon, Litecoin, Polkadot, Shiba Inu, and Avalanche are also in the green.

QNT is the biggest gainer among the top 50 so far (up 17%), followed by Algorand, Aptos, HBAR and LDO.

The crypto market cap on CMC went down to a low of $1.010 trillion but is now above $1.070 trillion, which means it has gained over $60 billion in the last two days.