Ethereum Topped $1.6K as Bitcoin Touched $23K (Market Watch)

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Bitcoin spiked to yet another monthly high of almost $23,000 before getting stopped there. While most alts are calmer on a daily scale as well, ETH jumped to just over $1,600 hours ago. NEAR and ETC are among the best performers now.

Bitcoin Touched $23K

Ever since the price drop on July 13 to below $19,000, propelled by the record-setting US inflation numbers, bitcoin has been on a roll.

The asset bounced off that weekly low and reclaimed $20,000 in the next few days. Unlike the previous two weekends, this time, BTC actually gained quite a bit of value and was close to $22,000 as Sunday came to an end.

Monday started with a brief retracement below $21,000, but the cryptocurrency reversed its trajectory shortly after and jumped above $22,500 to mark a fresh monthly high.

In the past 24 hours, bitcoin spiked a few hundred dollars above that line and came just inches away from $23,000. As of now, though, it has retraced by over $1,000 and sits under $22,000.

Nevertheless, its market cap is still well above $400 billion, but the dominance over the alts has taken another hit and is down to 41.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Despite the recent price upticks, Grayscale warned that the current bear market could last for another eight months.

CryptoQuant data suggested that miners are close to capitulation, which could lead to more short-term price drops for bitcoin.

ETH’s Latest Local Peak

As it’s evident from the declining BTC dominance, the altcoins have been performing quite well.

Ethereum has led the charge. The asset had dipped to $1,000 less than a week ago but soared by over 60% within this timeframe and briefly exceeded $1,600 earlier today. As of now, it has slipped to $1,520, but it’s still in the green on a daily scale.

So is Solana, which trades close to $45 after a 3% increase. In contrast, BNB, Ripple, and Avalanche are slightly in the red.

From the lower- and mid-cap alts, ETC, NEAR, SAND, APE, and Flow stand out as the most impressive performers.

The crypto market cap has sustained above $1 trillion after gaining over $100 billion in the past few days.

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

Industry News

Celsius’ legal team asserted that users do not have ownership of the majority of the assets they had deposited on the platform.

New filings showed that Genesis Global Trading had lent over $2 billion to Three Arrow Capital.


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Cryptocurrency charts by TradingView.