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The market is back in the green zone thanks to the significant growth of Ethereum, Polkadot, Avalanche and ApeCoin. Yesterday’s pullback appeared to be short-lived as Bitcoin took the offensive and crossed $ 23,000. Most altcoins are even betterwith an 8% increase for ETH and a double-digit jump for ApeCoin.
Bitcoin is back
The last week has been nice bullish for bitcoinwho has recoveredit fell below $ 19,000 on July 13.. At the start of the weekend, the asset was over $ 20,000. But unlike previous weekends, this time it went even further and crossed the $ 22,000 mark.
After a slight decline on July 19, the cryptocurrency queen’s price began to rise significantly again, culminating in a massive rally above $ 24,000. That’s how she got hers The highest price of the month.
But in the following hours BTC fell nearly $ 2,000when it was announced that Tesla sold nearly $ 1 billion of its bitcoin holdings in the second quarter.
However, the asset reacted well to this decline, bouncing back and currently trading around $ 1,000 more. As a result, its market cap has approached $ 450 billion, butAltcoin’s dominance fell below 42%.
Ethereum and Apecoin are the main winners of the week
The decline in BTC’s dominance as the price of Bitcoin rises means that altcoins have fared better.
Ethereum is one of the most striking examples. The second largest cryptocurrency has grown over the past ten days and yesterday’s correction was canceled. ETH increased by more than 8% in 24 hours and trade again from 1600 dollars. BNB added around 5% in one day and is now around $ 270. Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche, and Tron have made similar leaps.
Several small and medium sized altcoins increased by 5-10%. ApeCoin is the most impressivewith massive increase 17.5% in one day. As a result, APE is now worth around $ 7.
The combined market cap of all cryptocurrencies increased by approximately $ 40 billion in a single day. exceeds 1050 billion dollars.
More like a week positive for the cryptocurrency market who should confirm this recovery in the coming days and weeks. However, the overall climate is still quite pessimistic, with some observers expecting a decline in the coming days or weeks.
Cryptocurrencies are a risky investment.