Crypto Markets Add $130 Billion Overnight, Bitcoin Skyrockets to $42K (Market Watch)

Following a few-day period of declines and choppy price action, the cryptocurrency markets finally showed some strength and recovered some of the losses. This happens on the back of Bitcoin’s surge to $42K.

Bitcoin Price Soars to $42K

As CryptoPotato reported earlier today, there was a press release leaked on the US Treasury Department’s website, which revealed some of the information on President Biden’s executive administrative order on cryptocurrencies.

One of the excerpts read that:

President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.

Bitcoin’s price needed nothing else to soar during Europe’s early hours trading session and surged above $40,000 to reach $42.1K, where it’s currently trading. This also enabled the total cryptocurrency market cap to add about $130 billion overnight. At the time of this writing, BTC’s price charts an increase of 8.2% in the past 24 hours alone.

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Source: TradingView

Altcoins Follow Suit

As it’s almost always the case, altcoins followed Bitcoin’s price and also charted impressive gains.

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Source: Quantify Crypto

As seen in the above heatmap, the entire market is painted green. Ethereum is up about 7%, XRP – 4.2%, SOL – 6.3%, and so forth.

Undoubtedly, LUNA is the biggest winner from the top 10 as it managed to add almost 20% to its value, cementing its place above Solana as the number 7 cryptocurrency by market capitalization.

Overall, the biggest gainer from the top 100 is OMI, with 25% increase, followed by Monero’s XMR and LUNA. On the other side, CELO lost the most, although its decline isn’t so catastrophic – about 2.5%, followed by FXS with 1.4%.

All in all, the past 24 hours have been particularly beneficial for the cryptocurrency market, which finally managed to catch a break and recover quite a bit of the loss it incurred over the last week.

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