The bulls are still in control of the markets as Ethereum reaches a new local peak of almost $1,500 while Bitcoin also rose to a new monthly high of around $22,400. The effect of this new bull is universal as altcoins such as MATIC, ETC, AVAX, and OKB are up by double-digits.
Ethereum Bullish Run
Ethereum has seen an incredible rise in value over the past six days as its price increased by 50%.
ETH also had an impressive performance against Bitcoin, and it’s up 25% since then.
One month ago, Ethereum was trading within a fairly narrow range. However, this week it broke out of that pattern to the upside, with many traders hopeful about further gains ahead.
The impressive rise in ETH can be linked to the recent 9th shadow fork going live.
Like ETH, 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 crypto market is booming! In just two days, the value of all cryptocurrencies’ market cap has grown by over $100 billion. As a result, the market cap finally crossed $1 trillion mark for the first time in weeks.
Bitcoin’s New Monthly High
The cryptocurrency (BTC) dropped hard on July 13, shortly after the release of US CPI numbers. The extreme volatility pushed Bitcoin below $19,000 at one point during this time period.
Bitcoin would have been hit hard in the past by this market turmoil. However, it responded well and started reclaiming value immediately after oscillating throughout.
Therefore the price of Bitcoin continued to soar this past weekend, passing $20,000 and moving toward the $21,000 mark.
Bitcoin reached a new high today, increasing by more than $1,500 in just 24 hours. The price is still going strong and stands at almost $22,500 right now.
Bitcoin is taking over the cryptocurrency world, with its market cap near $430 billion and dominance at 42%.
