Solana and NEAR were the biggest gainers among the largest cryptocurrencies.
Bitcoin’s price action had been rather lackluster for a few days, but massive ETF flows coupled with positive U.S. CPI data led to a massive rally that propelled the cryptocurrency to a three-week peak of over $66,000.
The story is very similar for altcoins, with most turning green on a daily basis. ETH surpassed $3,000, with SOL and NEAR surging by double digits.
Bitcoin surges above $66,000
The primary digital asset fell sharply to just above $61,000 on Friday after failing to break above the $64,000 level. It took advantage of a relatively quiet weekend to regain some attention and remain around $61,000.
On Monday, bulls initiated a notable price surge that pushed Bitcoin to just above $63,000. Although it initially failed to conquer this line, it launched another offensive yesterday after the release of the US CPI data for April.
In fact, they hit their forecast of 3.4%, causing the price to jump to $64,000. Positive inflows into U.S. spot BTC ETFs sparked another rally, pushing the cryptocurrency to a three-week high around $66,500.
Despite its decline since then, Bitcoin is currently trading above $66,000. Its market capitalization has surged to over $1.3 trillion, while its dominance over alternative stocks is close to 52%.
SOL, almost smooth
As usually happens when Bitcoin moves in one direction, so too did most altcoins. Ethereum has reclaimed the $3,000 level after rising 3.6% in the past day. Binance Coin rose above $580 after a 3% gain. XRP and DOGE also saw similar growth.
Shiba Inu, Avalanche, Polkadot, Bitcoin Cash, and Cardano all saw gains between 6-8%. However, the most impressive gains came from the native tokens of Solana and NEAR Protocol.
SOL rose 13% to well above $160, while NEAR surged 17% to trade above $8.1.
TON and PEPE are the only large-cap alts currently experiencing significant daily price drops.
The total cryptocurrency market capitalization has increased by approximately $150 billion since yesterday’s low and now stands at over $2.5 trillion.
