Ethereum and Bitcoin make a crypto market that returns to 1,000 billion!

Bitcoin that comes back to the threshold of 20,000 dollars, Ethereum over 1,500 dollars and the crypto market that comes back to the symbolic threshold of 1,000 billion in valuation. Here are the main takeaways from the last 24 hours.

Bitcoin is back at $20,000!

As for Bitcoin, the last few days have been a long way from the cross around $20,000. Because since October 7, the mother of cryptocurrencies has no longer crossed this threshold. During the day, Bitcoin recorded an increase of 7.06%, if we take data from the platform Coinmarketcap. The mother of cryptocurrencies is currently trading at $20,607.

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Altcoins are celebrating too!

After Bitcoin, altcoins are also entering a session under a sign of euphoria. Many altcoins even outperform Bitcoin, like Ethereum, which climbed almost 15%, the third strongest rise in the top 100. An increase that allows the second largest crypto market to regain levels not seen since the An Cumaisk job collapse. .

The following table shows the price of the top 10 altcoins in the last 24 hours:

Of the top 10 altcoins, half are up more than 10% in the past 24 hours. It is also interesting to note that 60% of these projects show better performance than Bitcoin. Unless BNB, XRP or Shiba Inu (SHIB) underperform, only Tron (TRX) seems to really benefit from the rise.

Among the top 100, only 3 assets suffer losses. These are the Quant (QNT), Aptos (APT) and Klaytn (KLAY) projects. But for these three projects, it is a correction after a strong bullish move.

The crypto market returns to the 1,000 billion dollar mark!

It is also one of the strong lessons of this first part of the day. Within 24 hours, the crypto market just hit $80 billion. A level that allows him to return above the threshold of 1,000 billion dollars. At the time of writing this article, the crypto market was trading at $1.01 trillion, up 8.6% in 24 hours. This is the first time since the beginning of October that the market is above this symbolic threshold.

This general increase is partly explained by the fall of the US dollar, but also by the good health of the equity market in the last few days. In fact, the publication of company results helps to boost activities. Investors’ hopes for early relief from the Fed’s rate hike policy are fueling bullish sentiment in risky markets. Profit from the transition to Bitcoin and the crypto market. Edward Moya, market analyst at OANDA, assesses the market situation:

The economy is showing further signs of weakening and this is helping to give investors more confidence that the Fed will be in a better position to slow its pace of tightening after next week’s FOMC meeting.

Finally, the promulgation of a law aimed at recognizing digital assets as regulated financial instruments in the United Kingdom would also appear to have a favorable impact on the market. Although the increase is encouraging in the short term, this threshold of 1,000 billion is still a respectable distance from the highest level recorded last November. For a few days, the crypto market then exceeded the threshold of 3,000 billion dollars.

Also read: Why is the crypto market bullish today?