Bitcoin BTC USD price Ethereum ETH and XRP today: Bitcoin price (BTC USD) nears $70,000, Ethereum and XRP jump: How did the crypto market cap gain $100 billion in under an hour?
BTC USD: Bitcoin Price Today Jumps to $69,000 in 50 Minutes
Bitcoin edged higher, in the $69,000 level, climbing about 5% in just 50 minutes. That sudden move added roughly $60 billion to its market capitalization, as per a Coinpedia report.
Ethereum (ETH USD) Breaks $2,000 as XRP Joins the Rally
Ethereum mirrored the move, breaking above $2,000 and gaining nearly 6% in the same window, adding more than $20 billion in value.
XRP also pushed higher, trading around $1.41.
Crypto News Today: $100 Billion Added to Crypto Market Cap in Under an Hour
In total, close to $100 billion flowed back into the broader crypto market in less than an hour. For traders who were positioned for more downside, the reversal was swift and costly. Nearly $80 million in short positions were liquidated during the surge, and total liquidations over 24 hours approached $128 million, as per the Coinpedia report.
Strong Economic Data Reduces Recession Fears
The shift began with fresh US economic data.The ISM Manufacturing PMI came in at 52.4, beating expectations of 51.8. Since readings above 50 indicate expansion, the data reduced immediate recession fears and improved overall risk sentiment.
That shift in tone mattered. Crypto has shown a strong correlation with equities in recent months, and as investors leaned back into risk assets, digital currencies responded quickly. As prices rose, short sellers were forced to buy back positions, creating a feedback loop that pushed prices even higher.
Also read: Word of the day: Bespoke
Gold Falls 2% and Silver Slides 7% as Capital Rotates
While crypto surged, traditional safe-haven assets moved in the opposite direction.
Gold fell more than 2%, erasing an estimated $750 billion in market value. Silver dropped nearly 7%, wiping out about $370 billion, as per the Coinpedia report.
The contrast highlighted a clear rotation: money moving out of defensive positions and into risk assets. Recent data has shown crypto trading inversely to gold, and this session reinforced that pattern.
Strategy’s $200 Million Bitcoin Purchase Signals Institutional Confidence
There were also signs of steady institutional participation. Strategy disclosed a $200 million Bitcoin purchase, reinforcing continued corporate buying during volatile periods.
Total Crypto Market Cap Climbs Toward $2.37 Trillion Despite “Extreme Fear” Sentiment
The total crypto market capitalization climbed back toward $2.37 trillion, up more than 2% on the day, as per the Coinpedia report. Even after the rally, sentiment indicators remain in “Extreme Fear,” suggesting traders had been heavily defensive before the move.
FAQs
Why did crypto suddenly surge?
Stronger US economic data improved risk appetite, triggering a rapid rally.
How much did BTC USD rise?
Bitcoin climbed about 5% in just 50 minutes, nearing $69,000.
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