Ethereum Retests $1,600, ApeCoin Skyrockets 17% Daily (Market Watch)


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%.

BTCUSD. Source: Trading View

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.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

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Cryptocurrency charts by TradingView.


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