Bitcoin’s positive price performance, perhaps due to the aforementioned trade talks, continues in full force as the asset tapped a multi-month high of just under $100,000.
The altcoins have posted notable gains as well, with ETH surging past $1,900 for the first time in over a month.
BTC Aims at $100K
It almost felt like a distant dream a month ago when bitcoin’s price tumbled hard to under $75,000 amid the growing tension between the US and the rest of the world. As the situation improved, or at least for countries other than China, BTC began an impressive recovery that resulted in adding $20,000 within a couple of weeks.
The cryptocurrency faced some resistance at that point and couldn’t continue upwards for a while. It was stopped at $98,000 last week and pushed south to under $94,000 just two days ago.
However, it bounced off and reclaimed the $96,000 support, which has now turned into resistance. Although the Fed expectedly refused to lower the interest rates, BTC’s price kept climbing in the past 24 hours, perhaps due to a promising statement from the POTUS regarding the Trade War situation and upcoming talks.
As of now, bitcoin is just inches shy of $100,000, a level not seen in over three months. Its market cap has soared to $1.980 trillion, while its dominance over the alts has taken a hit and is under 62% on CG now.
ETH Past $1.9K
Ethereum has finally broken above an important resistance situated at $1,850 and now trades at a monthly high of well over $1,900. Although ETH has struggled against BTC and the greenback in the past half a year, you can check ChatGPT’s opinion on whether in can outperformed its bigger brother this year – here.
XRP, SOL, ADA, TRX, AVAX, and XLM have charted gains of around 2-4%, while DOGE, LINK, and SUI have shot up by up to 7.5%. BCH and PEPE are the top gainers, with double-digit price increases of 11% and 12.5%, respectively.
The total crypto market cap has surged by almost $100 billion in a day and is up to $3.2 trillion on CG.
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Cryptocurrency charts by TradingView.