After several days of trading sideways, bitcoin finally initiated a leg up and spiked above $20,000. Most altcoins are also well in the green today, led by Ethereum’s impressive 9% surge.
Bitcoin seeks to recover $20,000
After the end of June, which turned out to be bitcoin’s worst trading month in over a decade, the cryptocurrency experienced heightened volatility rising over $2,000 within minutes to reach a multi-day high of just under $21,000.
However, this uptick didn’t last long, and the asset returned below $20,000 shortly after. Then came the weekend, which was untypically calm, and BTC settled at approximately $19,000.
Aside from a brief spike at just over $19,500, the asset spent most of the next three days at the aforementioned level. It was just as the 4th of July was coming to an end that the cryptocurrency started gaining momentum and hit an intraday high of $20,400 (on Bitstamp).
As of now, BTC has lost a few hundred dollars and sits around $20,000. Its market cap is up to $385 billion, and its dominance over the altcoins is at 42.3%.
Notable Bitcoin News
Analytics platform Glassnode suggested the asset could be close to its low as speculators in the market have been purged.
Celsius Network has repaid $120 million of its debt, thus reducing the BTC liquidation price to below $5,000.
Altcoins see green
Alternate coins were also fairly quiet for the past few days, but most have turned green now.
Ethereum leads the way with a substantial increase of 9%. Therefore, the second largest crypto added around $100 in one day and stands at $1,150.
BNB has increased by about 7% since yesterday and has jumped to above $230 after struggling below $220 in the past few days. Solana’s daily surge is similar, and SOL is now at $35.
More modest gains came from Ripple, Cardano, Dogecoin, Polkadot, Tron and Shiba Inu, while MATIC climbed 14% well above $0.5.
With several lower- and mid-cap alts in similar positions, the overall crypto market cap has added $50 billion in a day and stands above $900 billion now.
