In the last 24 hours, Bitcoin surged above $22,000 for the first time since mid-August, continuing its recent upward trend. However, most alternative currencies have become calmer after some considerable increases from Solana and Uniswap.
The march of Bitcoin continues
A six-week low of $18,500 was reached by bitcoin’s price last week when bears pushed it down. Nevertheless, the cryptocurrency responded rather strongly to this decline and quickly regained $19,000.
Even the record-breaking interest rate hike by the European Central Bank wasn’t enough to jolt it. The asset launched an attack at the end of the week and surpassed $20,000. A Bitcoin price of $21,500 was reached over the weekend, continuing the weekend’s gains.
For the first time since August 29, BTC broke beyond $22,000 in the last 24 hours after a minor dip. As of the right moment, it remains north of that level. Approximately 40% of the alternative coinage market is dominated by it, with a market value of $425 billion. As recently as a few months ago, alternative currencies were beating bitcoin, but now things are different.
Ethereum is not far behind
The anticipation around the upcoming Merge likely gave Ethereum a boost, as its price rose from $1,500 to roughly $1,750 in a few days. However, even though it is still above $1,700, the second-largest cryptocurrency is now slightly in the red.
Ethereum Jumps 6% Ahead of Bellatrix Upgrade, Merge Event
► https://t.co/ciY3YxHRgD pic.twitter.com/zIydXvOlV9
— Decrypt (@decryptmedia) September 6, 2022
All coins except Polygon have experienced negligible daily losses, with the exception of Ripple, Cardano, Dogecoin, and Polygon. While Binance Coin and Polkadot are marginally in the green, Shiba Inu and Avalanche are marginally in the red. As a result of an increase of 2.6% daily, Solana is currently trading at $35, one of the most significant gains among the larger-cap alternative stocks. Uniswap has also increased to $6.7 by the same proportion.
In the last day, a few billion dollars have been added to the market value of cryptocurrencies, bringing the total to close to $1.1 trillion.