After yesterday’s minor retracement, Bitcoin continued to climb and reached $21,500 for a new weekly high. Altcoins are also doing well. ETH has charted a monthly peak, while MATIC, Polkadot and BNB have all seen notable increases.
Bitcoin reaches $21K
The primary cryptocurrency hasn’t been doing well over the past seven days. The asset was rejected earlier at $22,000 and was slowly losing value.
Mid-week, the US released new CPI numbers (another record). This made the situation worse. Bitcoin’s volatility reacted immediately and it fell below $19,000 for a weekly low.
It began its recovery soon after, and knocked on the $20,000 door just a few days later. It took several attempts before it finally claimed the desired level.
Yesterday’s stop at $21,000 was a setback for bitcoin. The bulls returned to the action and drove BTC further north than that mark. After charting a new weekly high, bitcoin now stands at just over $21,500.
Although its market cap has risen to over $400 billion, it is now only 42% more dominant than the other alts. Most of the others are in the green.
BTCUSD. Source: TradingView
ETH Leads Alts’ Run
Alternative coins are doing well on a daily basis, as mentioned above. Ethereum is leading the charge with a huge 14% increase in one day. ETH reached a record high of $1,400 an hour, which was a monthly new high.
Similar price increases can be seen in Solana and Polkadot as well as MATIC, MATIC, Avalanche, and MATIC. These prices have all risen by double digits. SOL trades are above $40, DOT is north of $7, MATIC close to $0.8 and AVAX at $22.
BNB, Ripple and Cardano, Dogecoin Shiba Inu Tron, LEO and Litecoin are all well in the green among the larger-cap alts.
Ethereum Classic ranks among the top performers in the lower- and middle-cap altcoins. It has seen a 33% daily increase. ETC trades at close to $20.
The crypto market cap is nearing the $1 trillion mark, with most alts posting notable gains. It has risen to over $60 billion per day.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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