The cryptocurrency market saw a strong recovery on Friday, with Bitcoin surging past $81,000 for the first time in two weeks despite a negative macro week that included the Senate rejection of the CLARITY Act and a US Federal Reserve rate hike. Several altcoins recorded double-digit gains, including PIEVERSE, MORPHO, INJ, and ENA, while the total market cap rose by $150 billion to $2.780 trillion.
Bitcoin’s price calmed over the weekend at around $77,000 after heightened volatility following the US CPI data release. The following week started with the Senate voting on the CLARITY Act on Tuesday, but the bill was not advanced, causing Bitcoin to drop immediately to $75,000.
More fluctuations occurred on Wednesday when the US Federal Reserve hiked rates for the first time in over three years, pushing Bitcoin down before it recovered to $76,500 within minutes. The bulls then reemerged, and on Friday morning, Bitcoin jumped to $78,000 before initiating a massive leg up during US trading hours, surpassing $80,000 and then $81,000 for the first time in two weeks.
Unlike the previous such run, Bitcoin maintained its price over the weekend and now sits above $81,000. Its market cap stands at $1.630 trillion, with dominance over altcoins at 58.7%.
Ethereum is up 5% daily and has reclaimed the $2,600 level, while XRP jumped past $1.40 after a 6.4% increase. SOL is above $110 after a 5.4% pump, with notable gains also seen from XMR, RAIN, ZEC, LINK, TAO, AAVE, and SUI.
The double-digit price pump club includes ENA, AVAX, MORPHO, SKY, INJ, PIEVERSE, and a few others. In contrast, BTW slumped by over 9% and now sits below $0.60.
The cumulative market cap of all crypto assets increased by $150 billion in a day, reaching $2.780 trillion.
