Ethereum Tests $1.5K as Bitcoin Charts Fresh Monthly High (Market Watch)

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The bulls’ control over the market continues as bitcoin spiked to a new monthly high above $22,400. Some altcoins are also well in the green, with ETH charting a local peak of its own at almost $1,500. MATIC has soared by double digits.


The past several days have gone quite well for most altcoins, and Ethereum has led the charge. Perhaps fueled by the recent 9th shadow fork going live, ETH has been on a roll. The asset dropped to around $1,000 on July 13 but has added almost 50% of value since then and is now close to $1,500. This comes after another 9% increase in the past 24 hours.

Some other larger- and mid-cap alts have impressed on a daily scale. MATIC is among those as it has soared by 18% to $0.9. Moreover, the asset is up by over 65% in a week.

ETC has seen a similar percentage surge in a day and now trades at $23. OKB and AVAX are up by around 10% to $14 and $24, respectively.

Although more modest, BNB, XRP, ADA, SOL, DOGE, DOT, and Shiba Inu are also performing well.

The cumulative market cap of all crypto assets has added over $100 billion in the past two days. As a result, the metric has soared above $1 trillion for the first time in weeks.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin’s New Monthly High

The primary cryptocurrency also dumped hard on July 13, propelled by the latest US CPI numbers. At the time, the extreme volatility pushed the asset to below $19,000.

However, the landscape is quite different now. Bitcoin reacted well to this drop and started reclaiming value rather immediately. As such, it surpassed the $20,000 mark by the weekend and even jumped towards $21,000.

The past 24 hours turned out to be quite bullish as well. Bitcoin added more than $1,500 and soared to almost $22,500 where it’s currently located. This is BTC’s highest price level in over a month.

As a result, bitcoin’s market cap has neared $430 billion, while its dominance over the altcoins stays still at 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.