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