Bitcoin Soars Above $20K, Recording 12-Day High (Market Watch)

After several days of stalling and trading around $19,000, bitcoin finally went on the offensive and jumped above $20,000.

Most altcoins also turned green today, with ETH jumping to nearly $1,400. As a result, the global crypto market cap is approaching $1 trillion.

BTC soars to $20,000

The price of bitcoin appeared to be locked in the past few days, since it fell to $18,100 after the US Federal Reserve’s latest interest rate hike last week.

It regained some ground a day later, jumping to a daily high at the time of $19,400. After being rejected there, bitcoin returned to $19,000 and spent most of the weekend there.

Monday began with price drops as the cryptocurrency fell just below this line. However, the trend started to change hours ago when a rally started, resulting in a price increase of more than $1,000 per day.

Consequently, bitcoin finally took advantage of $20,000 and hit a 12-day high of over $20,300 earlier today. Despite pulling back slightly since then, it is still trading north of the coveted $20,000 line. Its market capitalization is up to $385 billion and its dominance of the highs is close to 40%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

ETH and Alts in green

Altcoins have been following BTC price movements lately, meaning most have turned green today.

Ethereum was among the poorest after the merger, having dropped from $1,600 to less than $1,300. Now, however, a 5.5% daily gain has pushed the second-largest crypto to just under $1,400.

Solana and Polkadot have added similar intraday percentages at $35 and $6.7, respectively.

Despite more modest gains, Binance Coin, Ripple, Cardano, Dogecoin, Shiba Inu, MATIC and Tron are also in the green.

Uniswap has emerged as the best performing mid-cap alternative with a massive 15% increase. With LINK, FIL and XMR also in the green, the global crypto market capitalization rises by $40 billion in one day to just under $1 trillion.

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

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