Bitcoin’s price suddenly surged hours ago from about $58,000 to a weekly high of just over $61,000 before retracing slightly.

The altcoins have also turned green, and the total market cap has added more than $60 billion since yesterday.

The end of the previous business week saw a substantial decline for bitcoin as the asset slumped to just over $56,000. However, the bulls were able to intervene and prevent any further corrections. As the weekend arrived, BTC had recovered some ground and stood in a tighter range between $59,000 and $60,000.

The start of the new business week saw another retracement. This time, the cryptocurrency dropped from about $60,000 to $58,000.

However, the trends quickly reversed on Tuesday morning as bitcoin skyrocketed by more than three grand and surged past $61,000 for the first time since last Wednesday. Despite losing some traction and currently trading below that level, BTC is still 3.5% up on the day.

Its market capitalization has tapped $1.2 trillion on CG once again, while its dominance over the alternative coins stands close to 54%.

Alts See Green

Most of the altcoins have mimicked BTC’s performance over the past 12 hours or so. BNB is at the forefront among the larger caps, having added 6% of value. As a result, Binance Coin now sits above $565. Ripple’s native token has increased by a similar percentage and trades north of $0.6.

The other notable gainers from this cohort of assets include Tron and Avalanche. Both of them are up by 6-7% and trade at $0.15 and $22, respectively.

Further gains come from the likes of FET (10%), SUI (9%), and PEPE (9%), while LTC is the only alt with a minor decline on a daily scale.

The cumulative market capitalization of all crypto assets has increased by about $60 billion since yesterday and is above $2.230 trillion now.