Bitcoin tests $20,000 as crypto markets add $50 billion in one day

After several days of sideways trading, bitcoin finally kicked off an upward leg and broke above $20,000. Most altcoins are also well in the green today, led by Ethereum’s impressive 9% surge.

Bitcoin looks to recover $20K

Following the end of June, which turned out to be bitcoin’s worst trading month in over a decade, the cryptocurrency saw further volatility rising from over $2,000 in minutes to a multi-day high of just under $21,000.

However, this rally did not last long and the asset returned below $20,000 soon after. Then came the weekend, which was unusually quiet, and BTC settled at roughly $19,000.

Aside from a brief rise to just over $19,500, the asset spent most of the next three days at the aforementioned level. It was just as the 4th of July was drawing to a close that the cryptocurrency started to gain traction and jumped to an intraday high of $20,400 (on Bitstamp).

As of now, BTC has lost a few hundred dollars and is hovering around $20,000. Its market capitalization is up to $385 billion, and its dominance over altcoins is 42.3%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Analysis platform Glassnode suggested that the asset could be close to its bottom as market speculators have been weeded out.

Celsius Network has paid off $120 million of its debt, thus reducing the settlement price of BTC to less than $5,000.

Altcoins see green

Altcoins were also pretty quiet in the past few days, but most have turned green now.
Ethereum leads the way with a substantial 9% increase. Consequently, the second largest crypto has added around $100 in a day and stands at $1,150.

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BNB has risen around 7% since yesterday and jumped above $230 after struggling below $220 for the past few days. Solana’s daily raise is similar, and SOL is now at $35.

More modest gains have come from Ripple, Cardano, Dogecoin, Polkadot, Tron, and Shiba Inu, while MATIC has soared 14% to well above $0.5.

With several small and mid-cap alternatives in similar positions, the total crypto market capitalization has added $50 billion in one day and is now over $900 billion.

Overview of the cryptocurrency market.  Source: quantify crypto
Overview of the cryptocurrency market. Source: quantify crypto

Industry News

Circle’s CEO refuted recent rumors about the company’s troubles, saying the company had no real exposure to troubled entities.

Following the sudden resignation of the local finance minister, Argentines turned to stablecoins, resulting in a substantial premium.

The team behind Crema Finance explained how they became the latest victim of the DeFi hack.

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cryptocurrency charts by Trading View.

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