Bitcoin and Ethereum Soar to 6-Week Highs as Markets Add $50B (Market Watch)

US President Joe Biden’s decision to refuse to admit that the country has officially entered into a recession pushed the crypto market upwards once more. As a result, bitcoin, ether, and many other assets tapped multi-week highs.

Bitcoin Tapped $24.5K

The crypto market is known for its volatility, and bitcoin proved that in the past week or so. On July 20, the asset stood above $24,000, which was a local peak but dropped by almost $4,000 in the following days to a weekly low of $20,700 on July 26.

The community expected even more price fluctuations as the US Federal Reserve was to announce the latest interest rate hike. Volatility indeed came, but, unlike the previous times, BTC headed north.

In just a few hours, it broke above $22,000 and touched $23,000. More news from the US pushed it further upwards as Joe Biden said the second consecutive negative quarter in terms of GDP – usually described as a recession – was not indeed a recession.

Bitcoin reacted with an immediate price surge to $24,500, which became the new highest price level since June 13. As of now, it has retraced slightly, but its market cap is well above $450 billion.

ETH at Local Peak Too

The alternative coins are also well in the green once again. Ethereum leads the charge with a 6% increase to over $1,700. A few hours ago, the second-largest crypto even traded close to $1,800, a multi-week high of its own.

Similar daily gains come from Cardano, Ripple, BNB, Shiba Inu, Dogecoin, and Polkadot. Solana and Polygon are up by more than 8% to $43 and $0.95, respectively.

Ethereum Classic is once more the most substantial gainer from the larger-cap alts. ETC has skyrocketed by 27% and trades north of $27.

The crypto market cap has added about $50 billion in a day and is now at a local peak as well at $1.1 trillion.