Ethereum visits $1.5K while Bitcoin hit a new monthly high while other altcoins like ETC, AVAx and MATIC are also up double digits so let’s take a closer look at our latest altcoin news.
The bull takes control as the market continues to move into the green and Bitcoin hits a new monthly high above $22,400. Other altcoins are already in the green, with ETH hitting its own high of $1,500 and the MATIC climbing into double digits. The last few days have gone well for most altcoins and Ethereum has led the way. This was probably due to the announcement of the date set for the Merge event. Ethereum visits $1.5,000 after dropping to $1,000 in early July. It has managed to add 50% more value since then and it could top $1,500 and the 9% increase in the last 24 hours.
Other mid-cap altcoins also saw increases, with MATIC being among those that jumped 18% to $0.9 and the asset rose more than 65% in a week. ETC saw a similar percentage increase in one day and is trading at $23. OKB and AVAX are up 10% each. Some of the smaller coins also made smaller gains, but they still perform well. Some of them include ADA, SOL, SHIB, BNB, XRP and DOGE.
The cumulative market capitalization of all assets added another $100 billion in the past two days and the metric topped $1 trillion for the first time in weeks. The major cryptocurrency was dumped a few days ago after the latest US CPI figures and extreme volatility pushed the asset below $19,000. However, the landscape is changing as BTC reacted well to the decline and started recovering value quite quickly. It broke above the $20,000 level and is targeting the $21,000 support zone. The past 24 hours turned bullish as the largest crypto by market capitalization added another $1,500 to its value and climbed to $22,500 where it currently sits and marking the highest price level in over one month.
Ethereum, which is expected to emerge from the current PoW blockchain to become an energy-efficient PoS, overtook BTC with an increase of 7.7%. After hitting a fresh high of $1,486, ETH has pulled back to $1,475, a level not seen since June. Ethereum is eyeing the next psychological level of $1500 and has gained an impressive 28% over the past week. While ETH and BTC recorded gains, the rest of the market is in the green today, with the market capitalization of all cryptocurrencies rising to $1 trillion.
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