Following the recent volatility, bitcoin went on a run-up and jumped above $20,000. The altcoins have also turned green today, led by Ethereum’s massive double-digit surge.
After the middle of last week, in which the primary cryptocurrency jumped to a multi-week high of $22,500, the landscape turned grim. In a matter of days, the asset fell to and below the coveted $20,000 line.
Once the US outlined its latest record-setting CPI numbers earlier this week, BTC experienced volatility once more and dropped below $19,000. However, this was short-lived as the bulls returned to the scene.
Bitcoin jumped to $20,000 yesterday, and although it failed to reclaim it decisively at first, it did so in the past 12 hours. It even added almost $1,000 more and currently sits close to $21,000. As such, its market cap is now at nearly $400 billion, but the dominance over the alts has been reduced to 42.5%.
New data showed that BTC’s correlation with the US stock market had declined significantly lately to a yearly low.
BitMEX co-founder Arthur Hayes believes the US will start printing money sooner rather than later, which is ultimately bullish for bitcoin.
JPM analysts said the BTC production cost declined 50% in June, which could be a bearish sign for the asset.
The alternative coins have turned green today, with ETH leading the way. The second-largest cryptocurrency is up by more than 11% on a daily scale and trades north of $1,200. This comes as the 9th Merge shadow fork went live.
Similar impressive gains come from Solana and MATIC from the larger-cap alts. Both have jumped by approximately 12%. As a result, SOL sits close to $40, while MATIC is at $0.7.
Ripple, Dogecoin, Polkadot, Shiba Inu, and Avalanche are also well in the green, while BNB, ADA, and TRX have charted more modest gains.
With most of the lower- and mid-cap alts performing in a similar fashion, the cumulative market cap of all crypto assets has added over $50 billion in a day and sits well above $900 billion.
COTI said it will undergo hard fork that will see the deployment of MultiDAG 2.0 on its mainnet.
Amid the ongoing market crash, OpenSea joined other large industry companies in laying off a substantial chunk of its employees.
Circle, the issuer of the second-largest stablecoin, disclosed its reserves providing their liquidity and availability.
