Bitcoin Reclaims $20,000, Ethereum Price Soars Above $1.7K (Market Watch)

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Following several days of adverse price movements, bitcoin finally shot up by reclaiming the coveted $20,000.

Most alternative coins are also well in the green, with ETH surging past $1,700 while SOL and DOT have soared by 9% daily.

Bitcoin Goes Above $20K

The past several days were quite brutal for the primary cryptocurrency. It had already lost the coveted $20,000 at the end of August, and the start of the new month brought even more pain.

This culminated on Wednesday when the asset plummeted by $1,500 in hours to a six-week low of $18,500. It managed to defend that level and bounced off to $19,000, as reported yesterday.

BTC didn’t even flinch when the European Central Bank announced the highest interest rate increase in its history (75 basis points) and remained at that level.

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However, it went on the offensive hours ago. The bulls drove the cryptocurrency north hard, and bitcoin added over $1,000 to a two-week high of just over $20,700.

Its market cap has neared the $400 billion mark, and its dominance over the altcoins has recovered some ground by surging to 38.5%.

ETH Above $1.7K

The altcoins outperformed BTC yesterday, and now most are well in the green, led by the largest one.

Ethereum had dipped below $1,500 during the mid-week retracement but soared to $1,650 yesterday amid the growing anticipation for the Merge. As of now, the second-largest crypto trades at a multi-day high above $1,700 after another impressive daily increase.

Ripple, MATIC, Avalanche, ETC, and UNI are up by similar percentages (5-8%), while Solana and Polkadot have gained even more. Both are up by about 9% in a day, and SOL sits at $35, DOT trades at $7.7.

Binance Coin, Cardano, Dogecoin, and Shiba Inu are also in the green, albeit in a more modest fashion.

ATOM, OKB, and LINK are among the best performers from the mid-cap alts. With most of them, as well as the lower-cap ones painting impressive gains, the crypto market cap has reclaimed the $1 trillion mark by adding $50 billion daily.

Cryptocurrency Market Overview. Source: Quantify Crypto

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