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Sunday, July 21, 2024

Crypto Markets Add $60 Billion Daily as Bitcoin Soared by $3K to $38K (Market Watch)

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Bitcoin reacted well to the weekly low it charted yesterday and skyrocketed by three grand in hours to challenge $38,000 once again.

The altcoins have also turned green, with ETH reclaiming $2,000 and BNB jumping above $250.

BTC Eyes $38K Again

Bitcoin went on a massive tear precisely a week ago when it shot up to $38,000 for the first time in 18 months. However, the bears anticipated the move and quickly pushed the asset south. In a matter of minutes, bitcoin had declined by over $2,000.

By the time the weekend had arrived, BTC had reclaimed some value and stood above $37,000 for several days. The landscape worsened on Tuesday and especially on Wednesday when the bears drove the cryptocurrency to a weekly low of $35,000.

Nevertheless, BTC bounced off that support level and began another leg up. This time, the asset added $3,000 in less than a day and tapped $38,000 once again hours ago.

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As of now, it has been unable to overcome it and sits about $500 away from it. Its market capitalization has increased by about $30 billion and sits just over $730 billion on CMC.

BTCUSD. Source: TradingView

Alts See Green

As it typically happens during times of enhanced volatility for bitcoin, most altcoins do not tend to stand on the sidelines and wait. The most modest price gainers from the larger-cap alts include ETH, BNB, XRP, TRX, LINK, and LTC – with price increases of up to 4%.

In the case of Ethereum – the asset had soared past the $2,000 level, while Binance Coin trades above $250.

More notable price surges come from the likes of Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands in a league of its own with a massive 27% daily surge. As a result, AVAX trades well above $23.

The total crypto market cap has increased by more than $60 billion overnight and is currently close to $1,450 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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