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Bitcoin Spikes to an 18-Day High as Crypto Market Cap Nears $1.5T (Market Watch)

Bitcoin Spikes to an 18-Day High as Crypto Market Cap Nears $1.5T (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%.

BTCUSD. 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.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency 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.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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