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%.
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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.
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