The total cryptocurrency market value rose by about $400 billion in just a few days, driven by the price of Bitcoin surpassing $103,000, achieving its highest level in months at over $104,000, before the price slightly declined and stabilized above $103,000.
Bitcoin experienced sharp fluctuations in the past few days, after the market refused to exceed the $98,000 level on May 6, the price dropped to below $94,000.
However, the upward trend remained intact, as the cryptocurrency Bitcoin added about $20,000 since early April, driven by ongoing bullish momentum.
In a short period, the price of Bitcoin broke the $100,000 barrier and stabilized within the six-figure range for the first time in over three months.
By the end of the week, Bitcoin recorded a weekly increase of 7% and a monthly increase of 26%, raising the market capitalization of the crypto market to $2.05 trillion, despite its dominance in the market dropping to 60.5% due to the strong performance of alternative coins.
Thus, the increases were not limited to Bitcoin.
As alternative cryptocurrencies continued to rise, the price of Ethereum exceeded $2,350 after an additional gain of 6%, despite facing strong resistance.
Coins like Binance, Solana, Avalanche, and Shiba showed similar performance.
Dogecoin also recorded an increase of more than 12%, surpassing the $0.21 level.
Meme coins led the gains, with PEPE and FARTCOIN taking the spotlight with significant price increases.
Thus, the total market capitalization of cryptocurrencies reached $3.4 trillion, in a notable jump compared to the value recorded on May 6.
