Bitcoin Reclaims $20,000, Ethereum Price Soars Above $1.7K (Market Watch)
Following several days of adverse price movements, bitcoin finally shot up by reclaiming the coveted $20,000.
Most alternative coins are also well in the green, with ETH surging past $1,700 while SOL and DOT have soared by 9% daily.
Bitcoin Goes Above $20K
The past several days were quite brutal for the primary cryptocurrency. It had already lost the coveted $20,000 at the end of August, and the start of the new month brought even more pain.
This culminated on Wednesday when the asset plummeted by $1,500 in hours to a six-week low of $18,500. It managed to defend that level and bounced off to $19,000, as reported yesterday.
BTC didn’t even flinch when the European Central Bank announced the highest interest rate increase in its history (75 basis points) and remained at that level.
However, it went on the offensive hours ago. The bulls drove the cryptocurrency north hard, and bitcoin added over $1,000 to a two-week high of just over $20,700.
Its market cap has neared the $400 billion mark, and its dominance over the altcoins has recovered some ground by surging to 38.5%.
ETH Above $1.7K
The altcoins outperformed BTC yesterday, and now most are well in the green, led by the largest one.
Ethereum had dipped below $1,500 during the mid-week retracement but soared to $1,650 yesterday amid the growing anticipation for the Merge. As of now, the second-largest crypto trades at a multi-day high above $1,700 after another impressive daily increase.
Ripple, MATIC, Avalanche, ETC, and UNI are up by similar percentages (5-8%), while Solana and Polkadot have gained even more. Both are up by about 9% in a day, and SOL sits at $35, DOT trades at $7.7.
Binance Coin, Cardano, Dogecoin, and Shiba Inu are also in the green, albeit in a more modest fashion.
ATOM, OKB, and LINK are among the best performers from the mid-cap alts. With most of them, as well as the lower-cap ones painting impressive gains, the crypto market cap has reclaimed the $1 trillion mark by adding $50 billion daily.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.