Crypto market cap rises above $1T: Bitcoin loses 2-week high

Bitcoin doubled down on its recent gains by surging to a new two-week high above $21,500.

Most altcoins are also in the green again, with ATOM, XLM and ICP standing out as the best.

Bitcoin Saw New Weekly High

The beginning of the month brought a lot of pain for the bulls as bitcoin fell below the coveted $20,000 and failed to regain it. The situation worsened a few days ago when the cryptocurrency suddenly dumped to a six-week low of $18,500.

However, it reacted in a positive way by jumping above $19,000 almost immediately. Friday brought more gains as BTC jumped above $20,000.

At this time, news emerged that MicroStrategy intends to allocate an additional $500 million to BTC purchases by selling some of its shares. The asset responded with another price increase, shooting up to a two-week high just above $21,500.

As of now, it has retreated a bit, but is still north of $21,000. Its market cap has regained $400 billion, and its dominance over altcoins has recovered a bit and is now over 39%.

Altcoins See Green Again

The altcoins outperformed BTC until two days ago, clearly from the bitcoin market dominance, but most are calmer now.

Ethereum went from a multi-week low below $1,500 to north of $1,700 in just days. Perhaps fueled by hype from the upcoming merger, the second largest crypto is up another 1% today.

BNB, Ripple, Polkadot, Dogecoin and MATIC have seen similar daily gains. Cardano has added the most value in a day (a scant 5%), and ADA is now above $0.5. Shiba Inu and Avalanche have increased by up to 4%.

ATOM is the main gainer, with a massive 11% jump to $16. XLM and ICP have also added impressive percentages.

Overall, the crypto market cap has regained the coveted $1 trillion mark after adding another $30 billion in a day.