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Market Watch: Bitcoin tests $20k as crypto market makes another $50B in a day

The crypto market cap added more than $50 billion in a day as bitcoin spiked above $20,000 and ETH rose 9%.

After several days of sideways trading, bitcoin finally started to appreciate and skyrocketed above $20,000. Most altcoins are also in the green today, led by Ethereum’s impressive 9% gain.

Bitcoin Looks to Reclaim $20K

After the end of June, which turned out to be bitcoin’s worst trading month in over a decade, the cryptocurrency experienced enhanced volatility by rallying more than $2,000 in minutes to multi-day highs. just under $21,000.

However, this rise did not last and the asset went back below $20,000 shortly after. Then came the end of the week, no calm and BTC settled at around $19,000.

Aside from a brief spike to just over $19,500, the asset spent most of the next three days at the levels mentioned above. It is only with July 4 coming to a close that the cryptocurrency begins to gain traction and rally to an intraday high of $20,400 (on Bitstamp).

As of now, BTC has lost several hundred dollars and around $20,000. Its market capitalization amounts to $385 billion and its dominance over altcoins is 42.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Analytics platform Glassnode thinks the asset could be nearing a bottom as market speculators are purged.

Celsius Network has repaid its $120 million debt, thus reducing the BTC liquidation price to less than $5,000.

Altcoins see green

Altcoins have also been pretty calm over the past few days, but most have turned green now.
Ethereum leads the way with a significant gain of 9%. As a result, the second largest cryptocurrency added around $100 in a day and was at $1,150.

BNB is up about 7% since yesterday and has risen above $230 after struggling below $220 for the past few days. Solana’s daily gain is similar and SOL is currently at $35.

More modest gains came from Ripple, Cardano, Dogecoin, Polkadot, Tron, and Shiba Inu, while MATIC rallied 14% to above $0.50.

With a number of lower and mid-cap coins in similar positions, the total crypto market capitalization increased by $50 billion in a single day and is now over $900 billion.

Altcoins see green
Altcoins see green

Industry News

Circle’s CEO dismissed recent rumors about the company’s problems, saying that the company wasn’t actually exposed to the troubled entities.

After the sudden resignation of the local Economy Minister, Argentinians turned to stablecoins, resulting in substantial premiums.

The team behind Crema Finance explained how they fell victim to the latest DeFi hack.