Bitcoin and Ethereum Soar to 6-Week Highs as Markets Add $50B (Market Watch)

The crypto market rose once again after Joe Biden, the US President refused to acknowledge that the country is in recession. Bitcoin, ether and other assets reached multi-week highs.

Bitcoin Hits $24.5K

Bitcoin has shown that volatility is a hallmark of the crypto market. The asset was at its highest point on July 20 at $24,000. However, it dropped to $20,700 the following day.

As the US Federal Reserve announced the latest interest rate increase, the community was expecting more price fluctuations. Volatility did indeed arrive, but unlike previous times, BTC moved north.

It surpassed $22,000 in just hours and reached $23,000 within a matter of hours. It was further pushed higher by more news from the US. Joe Biden stated that the second consecutive quarter of negative GDP (often referred to as a recession) was not a recession.

Bitcoin’s immediate reaction was to surge to $24,500. This became the highest Bitcoin price since June 13. It has now retraced slightly but its market capital is well over $450 billion.

BTCUSD. Source: TradingView

ETH at the Local Peak Too

Alternative coins are also doing well. Ethereum leads the pack with an increase of 6% to $1,700. The second-largest cryptocurrency traded at $1,800 just hours ago, which was a multi-week record.

Cardano and Ripple, BNB Shiba Inu Shiba Inu Dogecoin and Polkadot all show similar daily gains. Solana, Polygon and $0.95 are up more than 8% each to $43 or $0.95, respectively.

Ethereum Classic is again the largest gainer among the larger-cap alts. ETC has risen by 27% and now trades at $27.

The crypto market cap has grown by about $50 billion per day and now stands at $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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