Crypto Market Cap Adds $40B Daily as Solana (SOL) Explodes 14% (Market Watch)

Unlike last Monday, when BTC dumped hard, this time, the cryptocurrency went on the offensive and skyrocketed to an almost 7-week peak at $28,500.

The altcoins are also well in the green, with notable gains coming from the likes of Solana, Cardano, OP, MATIC, and others.

BTC on the Rise

It was a week ago when the primary cryptocurrency fell by over $500 and dipped below $26,000 for the first time in about two weeks. However, the bulls quickly intercepted the move and didn’t allow any further declines.

BTC started recovering its lost ground and even spiked toward $27,000 mid-week. Although it was initially stopped there, it went on the offensive once more a few days later and soared above that line.

Naturally, there was some resistance at that point, but bitcoin still managed to stand around $27,000 during the weekend. As the early Monday Asian trading session began, the asset broke out of its resistance and shot up to $28,500 (on Bitstamp) for the first time since August 17.

Despite losing a few hundred dollars since then, BTC still trades well above $28,000. Its market capitalization has soared above $550 billion, while its dominance over the alts is up by 0.5% in a day to 49.4% on CMC.

BTCUSD. Source: TradingView## Alts See Green, SOL Dominates

Most alternative coins have mimicked BTC’s performance. Ethereum and Binance Coin are both up by 3% and trade at $1,730 and $220, respectively.

Ripple, Cardano, Dogecoin, Tron, Toncoin, Polkadot, Polygon, Litecoin, and Bitcoin Cash have all seen gains of up to 5%.

Solana, though, stands in a league of its own. SOL has skyrocketed by 14% and sits at a multi-month high close to $25.

With most other lower- and mid-cap alts charting impressive daily gains, it’s no wonder that the total crypto market cap has added over $40 billion in a day. As a result, the metric has seen a local peak of its own at above $1.120 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto