Yesterday’s retracement appears to be short-term as bitcoin went on the offensive and rallied above $23,000. Most altcoins are in even better shape, with ETH soaring 8% and ApeCoin jumping into double digits.
Bitcoin recovers $23,000
The past week has been quite bullish for bitcoin, which recovered from the drop below $19,000 on July 13. Heading into the weekend, the asset had surged past $20,000. Unlike previous weekends, however, this time it went even further north and entered above $22,000 on Monday.
After a small retracement on July 19, the cryptocurrency started gaining value again, culminating in a massive rise above $24,000. It became his highest price in more than a month.
In the hours that followed, however, BTC fell nearly $2,000 as news broke that Tesla had sold nearly $1 billion of its bitcoin holdings in the second quarter.
The asset reacted well to this drop, rebounding and is currently trading around $1,000 higher. As a result, its market capitalization approached $450 billion, but its dominance over altcoins fell below 42%.
ETH, ApeCoin explode
The waning dominance of BTC as the price of bitcoin has risen means that alternative coins have performed better.
Ethereum is among the most bootstrapped examples. The second-largest crypto has been on a roll for the past ten days, and yesterday’s retracement has been erased. ETH is up over 8% on a daily scale and is once again trading around $1,600.
BNB gained around 5% in one day and is now near $270. Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche, and Tron surged similarly.
Several small- and mid-cap altcoins rose 5-10%. ApeCoin is the most impressive performer, surging a massive 17.5% in one day. Therefore, the APE now sits near $7.
The cumulative market capitalization of all crypto assets added around $40 billion in one day and exceeds $1,050 billion.
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