Bitcoin continues to consolidate as the asset halted above the $21,000 level. Most altcoins have also calmed down today after the recent volatile ride, with the most impressive gains coming from Cardano and Dogecoin.
Bitcoin Stands Long Above $21K
Following the massive volatility and substantial price drop in BTC in mid-June, the asset has undergone a recovery phase of sorts over the past seven days. Last Sunday itself, it had fallen to an 18-month low of $ 17,500.
However, Monday started off on a better note as the cryptocurrency bounced back and even moved closer to $20,000. Although it failed to regain that level at first, it did a few days later.
Thus, BTC finds itself trading above $21,500, a weekly high, as the bulls try to gain control of the market. Bitcoin was earlier rejected and slipped below $20,000 after the Fed Chair’s latest confirmation about raising interest rates.
Since then, the asset has slowly gained some value and is yet again near $21,500. Its market cap remains above $400 billion, but the dominance of alts is less than 42.5%.
ADA and DOGE lead
Alternate Coins went through a similar roller-coaster but is quieter on the daily scale.
Ethereum fell from $2,000 to $900 in a week or two. Since then, ETH has gained over $300 and now trades above $1,200.
After a minor daily retracement, BNB sits near $240. Similar price movements are evident from Ripple, Solana, Polkadot, TRON and Avalanche.
Conversely, Cardano and Dogecoin are up nearly 3% in a day above $0.5 and $0,07 respectively. From mid- and lower-cap alts, Litecoin and FTT are up up to 4%.
Sandbox, apkcoin and mana get more profit. Ultimately, the cumulative market capitalization of all crypto assets has grown by nearly $20 billion in a single day and approaching the coveted $1 trillion mark.
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Cryptocurrency charts by TradingView.