Crypto Markets Add $60 Billion Daily as Bitcoin Saw 3-Week High Above $22K (Market Watch)


Bitcoin continued to gradually increase in value in the past 24 hours and charted a three-week high above $22,000. Most altcoins are also well in the green, with ETH reclaiming $1,200 and XRP spiking by 7%.

Bitcoin’s New Local Peak

Ever since the untypically calm weekend, in which bitcoin stood primarily around $19,000 without any significant moves in either direction, things have been going well for the asset.

As the US national holiday (July 4) was coming to its end, the cryptocurrency started to gain value gradually. It firstly neared $20,000, challenged it, and ultimately broke above it as reported.

A day later, BTC jumped to a multi-day high of just under $21,000. However, the bulls kept the pressure on and pushed it further north. As a result, bitcoin went to a daily high of almost $22,500 hours ago, which is also the highest price position the asset has seen since mid-June.

Despite retracing by several hundred dollars since then, its market cap has soared above $400 billion, and its dominance over the alts is up to 43.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

One of the largest bitcoin miners – Riot Blockchain – saw a substantial year-over-year increase in production of 73%.

Another crypto miner – Argo Blockchain – said it had to sell more bitcoins than it mined in June in the same month to cover some of its costs.

Altcoins See Green

Similar to bitcoin, most altcoins have jumped higher on a daily scale. Ethereum leads the race with a 5.5% increase. As a result, the second-largest crypto has soared to a multi-week high of its own at around $1,250.

Ripple and Shiba Inu are impressive gainers as well. XRP is up by 7% and sits at $0.35, while SHIB (5.5%) trades at $0.000011.

Related:  GameFi as a major achievement of the Korean Wave (Hallyu) movement

BNB, ADA, SOL, DOG, DOT, TRX, and AVAX are well in the green as well. From the mid-cap alts, MATIC, LTC, and CRO have gained the most.

Overall, the cumulative market cap of all crypto assets has added $60 billion in a day and sits above $950 billion.

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

Industry News

WSJ reported that the FDIC will investigate claims made from Voyager about funds supposedly covered by deposit insurance.

Aave wants to join the stablecoin market and proposed an overcollateralized asset called GHO.

Although the number of ETH 2.0 stakers has gone up, over half of them sit on unrealized losses due to the asset’s recent decline.

Genesis – a crypto lender, owned by DCG – admitted to having exposure to the troubled hedge fund – Three Arrows Capital.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: