Ethereum Retests $1,600, ApeCoin Skyrockets 17% Daily (Market Watch)

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%.

BTCUSD. Source: TradingView

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.

Cryptocurrency Market Overview. Source: Quantify Crypto

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