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    Home » Market Updates » Bitcoin Price Up 65% in 3.5 Weeks as BTC Eyes $48K (Market Watch)

    Bitcoin Price Up 65% in 3.5 Weeks as BTC Eyes $48K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Aug 15, 2021 @ 07:43

    The crypto market cap topped $2 trillion as bitcoin’s price neared $48,000. BTC has gained more than 65% of value since July 20th.

    Bitcoin continued with its decisive move upwards, and the latest leg up drove the asset to nearly $48,000. The alternative coins have performed even more impressively, with ETH topping $3,300 and ADA exploding by another 10%.

    Bitcoin’s Impressive Run

    A lot can change in the cryptocurrency markets in a month or even less sometimes. The primary cryptocurrency is a prime example as it had dumped to a low of $29,200 on July 20th.

    As the bearish sentiment was taking over, though, the asset reversed its trajectory. It started somewhat rapidly to regain its value, reclaimed $30,000, and kept climbing. In a matter of days, it had added more than $10,000, but this time, the $40,000 price line couldn’t contain BTC’s aspirations.

    Thus, after minor crashes, bitcoin continued to increase, and earlier today, it reached $47,900 – the highest price line in roughly three months. Therefore, it gained 65% in just over three weeks.

    As of now, it has retraced with a few hundred dollars but still stands above $47,500. Its market dominance has taken a step back as the altcoins are even deeper in green, but the market cap stands around $900 billion.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Alts See Nothing But Green

    The alternative coins have performed similarly in this timeframe. On a more micro-scale, most have charted impressive gains as mentioned above. Ethereum has added another 2.5% of value and currently trades above $3,300. Earlier, it went to a multi-month high of its own at $3,320.

    Binance Coin (3%), Polkadot (4%), Uniswap (2%), and Solana (2%) have seen minors gains. However, Chainlink (5%), Bitcoin Cash (5%), Dogecoin (6%), and Cardano (10%) have surged even more.

    Ripple’s performance is even more impressive after a 12% increase. As a result, XRP sits at a three-month high as well at $1.17.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

     

    QTUM is the most substantial gainer from the top 100 tokens. It’s up by 35% and trades at $15. More increases are evident from XinFin Network (13%), Klaytn (12%), and EOS (10%).

    Ultimately, the cumulative market cap went for a multi-month record as well at just over $2 trillion earlier. This comes after adding nearly $200 billion since the low on Thursday.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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