After a bit of a shake-up, the crypto market has made a powerful comeback. The total market cap has shot back up to $4 trillion. That’s a solid 2.4% jump in just 24 hours. Altcoins are back in the spotlight, but all eyes are still on Bitcoin and Ethereum.
Bitcoin stayed surprisingly stable even after Friday’s quick dip. It managed to stay within its typical $116.5K–$119.5K range, and now it’s knocking on the door of $120K. If that level breaks, don’t be shocked if we see some serious FOMO kicking in.
Ethereum Eyes $5K While Bitcoin Tests New Highs
Ethereum is also heating up. It recently hit $3925, a level we haven’t seen since last year. It tried to break through $4000 a few times but each time it got knocked back by around one-third, half, and two-thirds. Still, this kind of pressure usually builds momentum. A breakthrough now could mean we’re headed back toward its 2021 high of $5,000.
On the mining side, Bitcoin is hitting milestones again. Mining difficulty just hit a new record of 127.62 TH/s, and the hash rate went beyond 1 ZH/s. These are serious numbers, showing how strong the network has become.
Big Players Moving But the Market Stays Confident
A major reason for last week’s dip was Galaxy Digital’s sale of over 80,000 early-era Bitcoins, a massive $9 billion deal. But as Jason Williams from Bitcoin Hard Money put it, the market has already completely absorbed that impact. That’s a bullish signal.
In fact, JPMorgan reports that crypto inflows have now reached $60 billion this year up 50% since late May.Still, not everyone thinks the old Bitcoin patterns apply anymore. As Ki Young Ju said,
“the Bitcoin cycle theory no longer works”.
Bitwise agrees those four-year patterns may be a thing of the past. But there’s one thing that hasn’t changed when crypto runs, it runs fast.
