Crypto Market Surges to $2.37T, BTC and ETH Break Out

The cryptocurrency market has seen a significant surge in recent hours, reaching its highest level since early June with a total value of $2.37T.

This rise is largely attributed to strong demand and short-covering, following weeks of narrow trading.

Bitcoin (BTC) has been a key player in this movement, posting an 8-hour rally of nearly 9% during the US trading session, reaching $70K before slightly retreating to $69.6K.

Ethereum (ETH), on the other hand, has shown an even more impressive breakout with an 18% gain over 24 hours at its peak, rising to $2.25K and breaking above its 200-day moving average.