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You are at:Home»Crypto»Bitcoin Taps Weekly High, Ethereum Classic Explodes 33%
Crypto

Bitcoin Taps Weekly High, Ethereum Classic Explodes 33%

By July 17, 2022No Comments3 Mins Read
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Bitcoin kept climbing after yesterday’s minor retracement and jumped above $21,500 to mark a new weekly high. The altcoins are well in the green as well, with ETH charting a monthly peak and other notable increases from Solana, Polkadot, MATIC, BNB.

Bitcoin Sits Above $21K

The past seven days weren’t going well for the primary cryptocurrency. The asset was rejected at $22,000 earlier and was gradually losing value.

The situation worsened mid-week when the US announced the new CPI numbers (another record). Bitcoin reacted with immediate volatility and dipped below $19,000 to a weekly low.

However, it began its recovery shortly after and came knocking on the $20,000 door a few days later. It took a few attempts but finally reclaimed the coveted level and kept climbing.

After getting stopped at $21,000 yesterday, the bulls returned to the scene and pushed BTC north of that line. As of now, bitcoin stands just above $21,500 after charting a new weekly high.

Its market cap has surged above $400 billion, but its dominance over the alts has declined to 42% as most of them are well in the green.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Leads Alts’ Run

As mentioned above, the alternative coins are well in the green on a daily scene. Ethereum leads the way with a massive 14% increase in a day. ETH even spiked above $1,400 hours ago, which was a new monthly high.

Similar price increases are evident from Solana, Polkadot, MATIC, and Avalanche. All these have soared by double digits. Consequently, SOL trades above $40, DOT north of $7, MATIC is close to $0.8, and AVAX is at $22.

BNB, Ripple, Cardano, Dogecoin, Shiba Inu, Tron, LEO, and Litecoin are also well in the green from the larger-cap alts.

Ethereum Classic is among the best performers from the lower- and mid-cap altcoins, being up by 33% on a daily scale. ETC now trades close to $20.

With most other alts charting notable gains, the crypto market cap has added over $60 billion in a day and sits near the coveted $1 trillion mark.

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

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