After several days of negative price movements, bitcoin finally rose to the top by claiming the desired $20,000.
Alternative coins are also doing well, with ETH surpassing $1,700, while SOL and DOT surge by 9% each day.
Bitcoin goes above $20K
These past few days have been very difficult for the primary cryptocurrency. The primary cryptocurrency had already lost $20,000 by August’s end, and this month has brought more pain.
The asset plunged by $1,500 within hours to a low of $18,500 for six weeks. As reported yesterday, it managed to hold that level and rebounded to $19,000
BTC did not flinch when European Central Bank announced its highest interest rate hike in history (75 basis point) and it remained at that level.
It took the offensive just hours earlier. Bitcoin rose over $1,000 to just over $20,000.
Its market cap is now at $400 billion, and its dominance has regained some ground over altcoins by increasing to 38.5%.
BTCUSD. Source: TradingView
ETH above $1.7K
Altcoins outperformed BTC yesterday and most altcoins are now in the green, led principally by the largest.
Ethereum dropped below $1,500 in the mid-week retracement, but it soared to $1650 yesterday, amid growing anticipation for Merge. After another remarkable daily increase, Ethereum is now the second-largest cryptocurrency trade at a multiday high of above $1,700.
MATIC, ETC, ETC and UNI all saw increases of 5-8%, while Solana has seen a greater increase. Both are up about 9% per day. SOL is at $35 and DOT trades for $7.7.
Binance Coin and Cardano, Dogecoin and Shiba Inu also appear in the green, but in a less prominent manner.
OKB, ATOM, and LINK are the top performers among mid-cap alts. The crypto market cap has reached $1 trillion with impressive gains from both the higher-cap alts and the smaller ones. It is now worth $50 billion per day.
Cryptocurrency Market Overview. Source: Quantify Crypto
CryptoPotato’s first post, Bitcoin Reclaims $20,000 and Ethereum Price Rises Above $1.7K (MarketWatch), appeared first on CryptoPotato.
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