After several days of trading around $19,000 and stalling, bitcoin finally took the offensive and jumped to over $20,000.
Many altcoins are also turning green today. ETH has jumped to nearly $1,400. As a result, the overall crypto market cap has risen to close to $1 trillion.
BTC Flys to $20K
Bitcoin’s price seemed to be stuck for several days after it plunged to $18,100 last week following the US Federal Reserve’s latest interest rate hike.
The bitcoin price gained some ground the next day, jumping to $19,400 daily high. After being rejected, bitcoin was able to return to $19,000 and spend the majority of the weekend there.
Monday began with price drops as cryptocurrency dropped to below the line. But, hours later, the trend began to shift when it started a run-up that led to a daily price increase of more than $1,000.
Bitcoin reached $20,000 today and hit a 12-day high at over $20,300. Although it has retraced slightly, bitcoin still trades above the $20,000 mark. Its market capital is now close to $385 billion and its dominance is almost 40% over other alts.
BTCUSD. Source: TradingView
ETH and Alts in Green
Alternative coins are following BTC’s recent price performance, which means most have turned green today.
After the Merge, Ethereum dropped from $1600 to below $1,300, making it one of the worst performers. The second-largest crypto has seen a 5.5% daily increase, and is now just below $1,400.
Polkadot and Solana have increased similar percentages in the same day, to $35 and $6.7 respectively.
Even though there were modest gains Binance Coin and Ripple, Cardano and Dogecoin, Shiba Inu MATIC and Tron are still in the green.
Uniswap is the top performing alt from the mid-caps, with a huge 15% increase. The overall crypto market cap has risen by $40 billion to just below $1 trillion, thanks to LINK, FIL and XMR.
Cryptocurrency Market Overview. Source: Quantify Crypto
CryptoPotato’s first post, Bitcoin Soars Above $20K and Records a 12-Day High (MarketWatch), appeared first on CryptoPotato.
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