Last updated on May 18th, 2024 at 12:53 pm
The market cap for the largest cryptocurrency in the world, Bitcoin, has shown impressive growth in the last few days as it surpasses the $1 trillion mark.
Following the release of the US CPI data yesterday, Bitcoin saw a significant drop, however, it did not remain down for long, as it recently surged to a new multi-year high price of over $51,500.
The altcoins also benefited from this as the majority of them are trading in the green zone, with Ethereum rising to above $2,700, its highest level since mid-2022.
Bitcoin shows remarkable growth
It’s worth knowing that following a double-digit increase, the asset completed the week at its highest levels since December 2021, making it one of the best weeks for the most popular cryptocurrency in recent history. Additionally, the beginning of this week was highly encouraging, as Bitcoin surged past $50,000 on Monday morning.
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However, Tuesday saw significant changes, particularly following the release of the most recent US CPI data. The asset fell by around $2,000 in a matter of hours as a result of the bad news.
Shortly after, the bulls pushed it even higher this time, reaching a record multi-year high of $51,600 for the first time in more than two years. This has enabled Bitcoin’s market capitalization to surpass and attain the desired $1 trillion threshold. Its lead over altcoins is likewise increasing, returning to 52.6% on CMC.
Ethereum keeps rising
Ethereum (ETH) the second-largest cryptocurrency by market cap is not left out of this development. The token leads other altcoins and has followed Bitcoin in its rally.
According to data from Coinstats, Ethereum is up by 2.89% in the last 24 hours. Consequently, ETH now trades above the $2,700 mark for the first time in about two years. Per the data, ETH is exchanging hands at $2,756 per token.
Other cryptocurrencies in the top 10 list including BNB, Solana, XRP, Cardano, and Avalanche are also trading in the green one today. Overall, the crypto market is experiencing a bullish sentiment as portrayed by the crypto fear & greed index score of 74.
Notably, Dogecoin was recently kicked out of the top 10 largest cryptocurrency list, and replaced by Chainlink (LINK). The OG memecoin now occupies the #11 spot on the global crypto market chart.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.