Crypto Markets Add $60 Billion Daily as Bitcoin Saw 3-Week High Above $22K (Market Watch)

CryptoPotatoPublished on 2022-07-08Last updated on 2022-07-08

Abstract

Bitcoin and Ethereum are among the most substantial gainers today, with both assets charting multi-week highs.

Bitcoin and Ethereum are among the most substantial gainers today, with both assets charting multi-week highs.

Bitcoin continued to gradually increase in value in the past 24 hours and charted a three-week high above $22,000. Most altcoins are also well in the green, with ETH reclaiming $1,200 and XRP spiking by 7%.

Bitcoin’s New Local Peak

Ever since the untypically calm weekend, in which bitcoin stood primarily around $19,000 without any significant moves in either direction, things have been going well for the asset.

As the US national holiday (July 4) was coming to its end, the cryptocurrency started to gain value gradually. It firstly neared $20,000, challenged it, and ultimately broke above it as reported.

A day later, BTC jumped to a multi-day high of just under $21,000. However, the bulls kept the pressure on and pushed it further north. As a result, bitcoin went to a daily high of almost $22,500 hours ago, which is also the highest price position the asset has seen since mid-June.

Despite retracing by several hundred dollars since then, its market cap has soared above $400 billion, and its dominance over the alts is up to 43.2%.

BTCUSD. Source: TradingView

Notable Bitcoin News

One of the largest bitcoin miners – Riot Blockchain – saw a substantial year-over-year increase in production of 73%.

Another crypto miner – Argo Blockchain – said it had to sell more bitcoins than it mined in June in the same month to cover some of its costs.

Altcoins See Green

Similar to bitcoin, most altcoins have jumped higher on a daily scale. Ethereum leads the race with a 5.5% increase. As a result, the second-largest crypto has soared to a multi-week high of its own at around $1,250.

Ripple and Shiba Inu are impressive gainers as well. XRP is up by 7% and sits at $0.35, while SHIB (5.5%) trades at $0.000011.

BNB, ADA, SOL, DOG, DOT, TRX, and AVAX are well in the green as well. From the mid-cap alts, MATIC, LTC, and CRO have gained the most.

Overall, the cumulative market cap of all crypto assets has added $60 billion in a day and sits above $950 billion.

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