The market is back in the green, thanks to significant gains from Ethereum, Polkadot, Avalanche and ApeCoin. It seems that the rate was short-lived yesterday as Bitcoin went on the offensive and rose above $23,000. Most altcoins are even better offwith an 8% increase for ETH and a double-digit jump for ApeCoin.
Bitcoin is making a comeback
Last week is rather bullish for bitcoinwho resignedfell below $19,000 since July 13. Heading into the weekend, the asset rose past $20,000. But unlike the previous weekend, he went even further this time and surpassed the $22,000 mark.
After minor checks on July 19, the price of the crypto queen began to rise significantly again, culminating in a major rally above $24,000. So he reached his highest price in more than a month.
In the hours that followed, however, BTC recovered almost $2,000when news broke that Tesla sold nearly $1 billion of its bitcoin holdings in the second quarter.
However, the asset responded well to this decline, rebounding and is currently trading around $1,000 higher. As a result, its market capitalization went up to $450 billion, but saltcoin dominance has fallen below 42%.
Ethereum and Apecoin as the big winners of the week
Due to the downward dominance of BTC as the price of bitcoin rose, Alt coins outperformed.
Ethereum is one of the most prominent examples. The second largest crypto has been on a roll for the past ten days, and was deleted yesterday. ETH is up more than 8% in 24 hours and trades around again $1,600. BNB gained about 5% in one day and is now close to $270. Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche and Tron made similar leaps.
Some small and mid cap altcoins rose 5-10%. ApeCoin is the most prominentwith a huge increase in 17.5% in one day. As a result, APE is now close to $7.
The cumulative market capitalization of all crypto assets increased by about $40 billion in a single day and more than $1,050 billion.
Rather per week positive for the crypto market who should confirm this rebound in the coming days and weeks. However, the general climate is still rather pessimistic and some observers expect a fall in the coming days or weeks.
Crypto-assets are a risky investment.