Yesterday’s retracement seems to be a short-term one, as bitcoin went on the offensive and spiked back above $23,000. Most altcoins are in an even better shape, with ETH soaring 8% and ApeCoin jumping by double digits.
Bitcoin Reclaims $23K
The last week or so was quite bullish for bitcoin, which had recovered from the sub-$19,000 drop on July 13. As the weekend approached, the asset had jumped beyond $20,000. Unlike the previous weekends, though, this time, it went even further north and entered Monday above $22,000.
After a small retracement on July 19, the cryptocurrency started to gain value once more, which culminated in a massive surge above $24,000. This became its highest price tag in over a month.
In the following hours, though, BTC retraced by almost $2,000 as news broke that Tesla had sold almost $1 billion of its bitcoin holdings in Q2.
The asset reacted well to this drop, bounced off, and currently trades about $1,000 higher. As a result, its market cap has neared $450 billion, but its dominance over the altcoins has gone down below 42%.
ETH, ApeCoin Explode
The declining BTC dominance while bitcoin’s price has increased means that the alternative coins have performed better.
Ethereum is among the most primed examples. The second-largest crypto has been on a roll in the past ten days, and yesterday’s retracement has been erased. ETH is up by more than 8% on a daily scale and trades around $1,600 once again.
BNB has gained about 5% in a day and now sits close to $270. Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche, and Tron have jumped in a similar fashion.
Several lower- and mid-cap altcoins are up by somewhere between 5% and 10%. ApeCoin is the most impressive performer, with a massive 17.5% surge in a day. Consequently, APE now sits close to $7.
The cumulative market cap of all crypto assets has added about $40 billion in a day and is above $1.050 trillion.