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    Home » Market Updates » BTC Taps $20K, ETH Soars 16% Daily and Reclaims $1K (Market Watch)

    BTC Taps $20K, ETH Soars 16% Daily and Reclaims $1K (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Jun 21, 2022 @ 08:54

    The crypto markets have finally seen some relief, with bitcoin jumping above $20,000 and ether reclaiming $1,000.

    After several consecutive days of freefalls and new multi-yearly lows, bitcoin finally bounced off and jumped to and beyond $20,000. The altcoins have also turned green today, with ETH spiking by double digits to north of $1,000.

    BTC Taps $20K

    The past week or so didn’t go all that well for the primary cryptocurrency, which dropped from over $30,000 to below $20,000 within this timeframe. This past weekend was particularly harmful as BTC slumped below the 2017 all-time high and kept diving to new bottoms.

    This culminated in a price dump towards $17,500 on Sunday morning, resulting in over $600 million worth of liquidations from over-leveraged traders.

    However, the asset reacted well to this massive correction and new 18-month low. It started to recover some ground in the following hours and is currently hovering at just over $20,000, meaning that it has gained almost $3,000.

    As a result, its market capitalization has neared $400 billion, and its dominance over the alts is above 43%.

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    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Altcoins See Green, ETH Explodes

    The alternative coins suffered just as badly as bitcoin in the past several days, but the landscape has changed, at least for now.

    Ethereum had lost more than 50% of its value in about a week at one point as it went to $900 for the first time in over a year. Now, though, ETH is among the most substantial daily gainers and has soared by 16% to just over $1,100.

    BNB dipped below $200 during the weekend, but a 9% daily increase has pushed it to $210 as of writing these lines.

    Solana is another double-digit gainer from the larger-cap alts (15%) and has reclaimed $30.

    Although displaying more modest increases, ADA, XRP, DOT, DOGE, LEO, and SHIB are well in the green on a 24-hour scale, too.

    Even more gains come from Synthetix (80%), Maker (26%), STEPN (24%), BAT (24%), Aave (22%), EGLD (22%), and many others.

    Consequently, the cumulative market cap of all crypto assets has recovered $60 billion in a day and is close to $900 billion.

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