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

Time Stamp: September 27, 2022 4:53 AM

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

Most altcoins have also turned green today, with ETH jumping to almost $1,400. The overall crypto market cap is close to $1 trillion as a result.

BTC Flies to $20K

The price of bitcoin seemed stuck for the past several days, ever since it plummeted to $18,100 following the latest interest rate hike by the US Federal Reserve last week.

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

Monday started with price slumps as the cryptocurrency fell to just under that line. However, the trend started to change hours ago when it began a run-up, resulting in a price surge of over $1,000 daily.

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Consequently, bitcoin finally tapped $20,000 and marked a 12-day high of over $20,300 earlier today. Despite retracing slightly since then, it still trades north of the coveted $20,000 line. Its market cap is up to $385 billion, and its dominance over the alts is close to 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH and Alts in Green

The alternative coins follow BTC’s price performance lately, which means that most have turned green today.

Ethereum was among the poorest performers after the Merge, having dropped from $1,600 to under $1,300. Now, though, a 5.5% increase daily has pushed the second-largest crypto to just under $1,400.

Solana and Polkadot have added similar percentages in a day to $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 top performer from the mid-cap alts with a massive 15% surge. With LINK, FIL, and XMR well in the green, too, the overall crypto market cap is up by $40 billion in a day to just under $1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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