After a brief dip bitcoin gained momentum and reached $25,000 for its first time since mid June.
Altcoins are more calm today, but Shiba inu stole the show with a huge double-digit surge.
Bitcoin touched $25K
It doesn’t matter if it’s hype about the upcoming Merge as JPM claimed. The crypto market has been in an uptrend for the past week, evident by BTC’s price movements.
After the most dramatic surge, August 10 saw the asset jump from $23,000 to more than $24,000 based on the latest CPI data.
It continued to rise and reached a multi-month peak of $24,800 on the same day. It experienced a brief retracement that brought it down to $23,500 but the bulls returned to play immediately.
BTC was able to close to $25,000 yesterday. Although it failed to reach that level initially, the price dropped by a few hundred bucks but then took the offensive today and crossed the desired line for the first-ever time in more than two months.
It has not been able to surpass that level and BTC trades right below it. Its market cap has risen to $470 billion and its dominance has been reestablished at 40.5%.
BTCUSD. Source: TradingView
Shiba Inu steals the show
Alternative coins also saw impressive gains yesterday and are slightly green today.
Yesterday, Ethereum reached a record 74-day high of $2,000 After a slight daily increase, it fell below the line again in the hours that followed. However, it now stands just above it.
BNB, Ripple and Polkadot are also seeing insignificant gains. Cardano and MATIC have risen by around 5%.
Shiba Inu has risen the most from larger-cap alts. SHIB trades at $0.000015 and is up more than 15%
The crypto market cap increased by a few billions per day to $1.2 trillion today.
Cryptocurrency Market Overview. Source: Quantify Crypto
The first CryptoPotato article was Bitcoin Touched $25K For the First Time in 2 Months: ShibaInu Soars 15% (WeekendWatch)
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