Bitcoin reached a new monthly record of nearly $23,000 before it was stopped. While many alts are more calm on a daily basis, ETH soared to $1,600 just hours ago. ETC and NEAR are the top performers right now.
Bitcoin touched $23K
Since the July 13th price drop to below $19,000 due to record-setting US inflation numbers bitcoin has been on an upward spiral.
In the following days, BTC recovered $20,000 from its weekly low. BTC gained a lot of value this weekend, and was at close to $22,000 by Sunday’s end, unlike the previous weekends.
Monday began with a temporary retracement below $21,000 but cryptocurrency soon reversed its course and shot above $22,500 to make a new monthly high.
Bitcoin surged by a few hundred dollars over that line in the last 24 hours and was just inches from $23,000. It is now under $22,000 and has retraced more than $1,000.
Its market cap remains well above $400 billion. However, the dominance of the alts has taken another blow and is now at 41.2%.
BTCUSD. Source: TradingView
Notable Bitcoin News
Grayscale cautioned that, despite recent price increases, the bear market may continue for at least eight more months.
According to CryptoQuant data, miners could be close to surrendering which could cause more bitcoin price drops in the short-term.
ETH’s latest local peak
The altcoins are performing well, as evident by the decline in BTC dominance.
Ethereum is leading the charge. It had dropped to $1,000 less than one week ago, but it has risen by more than 60% in this timeframe and briefly surpassed $1,600 today. It is currently at $1,520 but still remains in the green on an everyday scale.
Solana trades at $45 after a 3% rise. BNB, Ripple and Avalanche, however, are slightly in red.
ETC, NEAR and SAND are the top performers among the lower- and middle-cap alts. Flow is the best.
After gaining more than $100 billion over the last few days, the crypto market cap has remained above $1 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Celsius’ legal team stated that the majority of assets users had deposited on the platform were not theirs.
Three Arrow Capital was able to obtain new filings showing that Genesis Global Trading had lent more than $2 billion.
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