Crypto Markets Add $70B Daily as Bitcoin's Price Hits Monthly High: Market Watch
Bitcoin’s price recovered sharply after a Monday morning dip below $64,000, climbing over $2,000 to reach a monthly high above $66,000. The leading cryptocurrency touched $66,300 earlier in the day, its highest level since June 17, before settling above $66,000. Its market capitalization rose to $1.330 trillion, and its dominance over altcoins increased to 57.2%.
The rally followed a volatile week. After dropping below $62,000 following weekend geopolitical tensions, Bitcoin bounced back on favorable U.S. inflation data, reaching $65,500 for the first time in three weeks. However, it faced resistance and fell to $62,500 by Friday before recovering over the weekend to $64,000. A failed attempt to break $65,000 on Sunday led to a brief dip Monday morning, but bulls quickly regained control.
Altcoins turned green across the board. Ethereum approached the $1,950 level, inching toward a potential run to $2,000. Binance Coin (BNB) neared $580, while XRP and HYPE gained about 4% daily. Dogecoin (DOGE), Zcash (ZEC), and Stellar (XLM) posted similar increases. Cardano (ADA) led large-cap altcoins with an 8% surge, reaching a local peak of $0.175.
Other notable gainers included Bitcoin Cash (BCH), Uniswap (UNI), Aave (AAVE), Polkadot (DOT), and Worldcoin (WLD). Ondo (ONDO) rocketed over 14%, trading close to $0.40.
The cumulative market capitalization of all cryptocurrencies climbed by $70 billion in a single day, reaching $2.320 trillion for the first time in a month.