• Bitcoin briefly touched $21,000 in a market wide weekend pump
• The cryptocurrency market cap saw net inflows of around $6 billion in the last 24 hours
• Most top 10 cryptocurrencies recorded gains over the reporting period, excluding Dogecoin, Polkadot, and Litecoin
The cryptocurrency market experienced a significant weekend pump, with Bitcoin briefly touching $21,000. This surge in price was seen across the board, with the total market cap witnessing net inflows of around $6 billion in the last 24 hours and currently standing at $979 billion — up 0.69%.
Bitcoin, the world’s largest cryptocurrency by market cap, gained 0.65% to trade at $20,841 as of 07:00 ET. Its market dominance rose to 41% from 40.2%. Ethereum, the second-largest digital asset, grew 0.81% over the last 24 hours to trade at $1,544 as of 07:00 ET. Its market dominance rose to 19.3% from 19%.
Among the top 10 cryptocurrencies, most recorded gains over the reporting period. Polygon and Solana posted the highest gains at 2.9% and 2.18%, respectively. Dogecoin, Polkadot, and Litecoin were the only ones to record losses. The market cap of Tether (USDT) rose to $66.38 billion in the last 24 hours. The market caps of USD Coin and BinanceUSD (BUSD) slightly decreased to $43.95 billion and $16.30 billion, respectively.
Analysts have suggested that this surge in price was caused by bullish sentiments returning to Bitcoin, with short sellers being liquidated in the process. This significant weekend pump has injected some much needed optimism for cryptocurrency investors, who have been cautiously optimistic about the future of the market. The surge in price also suggests that institutional and retail investors alike are still interested in the crypto space.
It remains to be seen if Bitcoin will be able to maintain its current levels and if the current bullish momentum will continue in the coming days and weeks. Nevertheless, this weekend pump has certainly injected some much needed life into the crypto markets and has given investors something to be optimistic about.