As bitcoin’s price approached $48,000, the crypto market size surpassed $2 trillion. Since July 20th, BTC has increased in value by more than 65 percent.
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Bitcoin’s clear upward trend has persisted, and the most recent leg up has taken the commodity to over $48,000. The performance of alternative coins has been even more spectacular, with ETH surpassing $3,300 and ADA rising by another 10%.
The Incredible Rise of Bitcoin
In the cryptocurrency markets, a lot may happen in a month, or even less in certain cases. The main cryptocurrency is an excellent example, having dropped to a low of $29,200 on July 20th.
However, when pessimistic sentiment took hold, the asset reversed its course. It began to recoup its worth quickly, reclaiming $30,000 and continuing to rise. It had acquired more than $10,000 in a couple of days, but this time, the $40,000 price line couldn’t contain BTC’s ambitions.
Thus, following small falls, bitcoin has continued to rise, reaching $47,900 earlier today – the highest price line in approximately three months. As a result, it increased by 65% in just over three weeks.
It has now retraced a few hundred dollars, but it remains over $47,500. Its market dominance has waned as cryptocurrencies have gone even greener, but the market cap is still above $900 billion.
Nothing except green can be seen by the alts.
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In this era, alternative currencies have behaved similarly. As previously said, most have documented remarkable advances on a smaller scale. Ethereum has gained another 2.5 percent in value and is now trading above $3,300. It had previously reached a multi-month high of $3,320.
Binance Coin (3%), Polkadot (4% ), Uniswap (2% ), and Solana (2% ) have all seen minor rises. However, Chainlink (5%), Bitcoin Cash (5%), Dogecoin (6%), and Cardano ( 10% ) have gained far more.
After a 12% gain, Ripple’s performance is even more remarkable. As a result, XRP has reached a three-month high of $1.17.
QTUM is the most significant gainer among the top 100 coins. It is up 35% and currently trades at $15. Increases in XinFin Network (13%), Klaytn (12%), and EOS are also visible (10 percent ).
Ultimately, the overall market cap reached a multi-month high of slightly over $2 trillion earlier. This comes after over $200 billion has been added since the low on Thursday.