Bitcoin Spikes to 18-Day High, Crypto Market Cap Nears $1.5 Trillion (Market Watch)

The bulls have resumed control over the market in the past few days and have pushed bitcoin to a near three-week high at almost $35,000. The alternative coins have also benefited from these developments, with ETH closing down to $2,200 and DOGE sitting at $0.20.

Bitcoin Taps an 18-Day High

Ever since bitcoin bottomed at $29,200 on July 20th, the cryptocurrency has been on a roll. It bounced off immediately and reclaimed $30,000 in just a few hours.

Shortly after, more positive news from Elon Musk and Jack Dorsey emerged, which propelled significant gains in a relatively short period. The bulls kept on pushing north, and BTC added 15% of USD value in less than five days, as reported yesterday.

However, bitcoin’s leg up was not over yet, and it jumped further upwards to about $34,800 (on Bitstamp). This became the asset’s highest price line since July 7th.

As such, BTC’s market capitalization has increased above $650 billion after dumping below $600 billion earlier this week. Its dominance over the altcoins has also risen slightly to just over 46%.

 TradingViewBTCUSD. Source: TradingView

Altcoins See Green; ETH Tapped $2.2K

Similarly to their leader, the alts have also performed well since Tuesday. Ethereum went as low as $1,720 but has added roughly $500 of USD value since then and earlier today touched $2,200. Despite retracing slightly, the second-largest cryptocurrency is still about 2% up on the day.

Binance Coin is also in the green, although not as impressive as ETH’s increase. Nevertheless, BNB has still reclaimed $300 and currently stands above it.

On a 24-hour scale, Cardano (1.5%), Dogecoin (2.5%), and Polkadot (2.5%) have charted gains as well. In contrast, Uniswap, Bitcoin Cash, Solana, and Litecoin have stalled.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

 

ICP is the most significant gainer from the top 100 with a near 30% surge. As a result, it trades at around $45. Telcoin (15%), THETA (15%), Theta Fuel (14%), Revain (13%), Quant (12%), and Helium (10%) follow suit.

Ultimately, the cumulative market capitalization has added more than $200 billion since the low earlier this week and is close to $1.5 trillion.

Publication date: 
07/25/2021 - 07:55
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