September 30, 2022

Multi-Month Highs: Bitcoin Reached $51K as ETH Touched $4K (Market Watch)

2 min read

The Bitcoin bulls continued to press the cryptocurrency north in the past 24 hours, resulting in a multi-month high of simply over $51,000. Most altcoins likewise carried out well in the very same timeframe, with ETH touching $4,000 for the very first time since mid-May.

Bitcoin Tapped $51K

September didn’t start all that well for bitcoin as the possession fell to a multi-day low of $46,300 on Wednesday. However, this is where the scenario quickly changed.

The primary cryptocurrency started increasing somewhat rapidly. It added $4,000 of worth in a day and briefly exceeded $50,000. Conquering that level, though, wasn’t all that simple, and BTC visited $2,000 to $48,400.

Yet, bitcoin didn’t stay down for too long and started another leg up in the past 24 hours. This time, it increased above $50,000 and kept reaching a daily high of $51,060. This became the highest price tag considering that the mid-May correction.

Since then, BTC backtracked somewhat, but it still trades above $50,000 as of composing these lines. Its market capitalization has neared $950 billion, however its supremacy struggles at around 41.5%.

BTCUSD. Source: TradingView

BTCUSD. Source: TradingView Ethereum Taps a Near 4-Month High The reason that BTC’s dominance suffers lately is due to the fact that of the high flying altcoins. Ethereum is a prime example. The second-largest cryptocurrency fell listed below$3,100 less than a week ago.

However, it bounced off well and started to push higher and higher. This culminated yesterday when ETH broke above $4,000 for the very first time considering that mid-May also. Despite backtracking since that peak, ETH is still 1.5% up on the day and is above $3,900.

On a 24-hour scale, Binance Coin, Ripple, Solana, Dogecoin, and Polkadot have marked minor gains, while Cardano is simply slightly in the red. Litecoin is the most outstanding entertainer from the larger-cap alts, with a 15% rise to above $210.

In contrast, Uniswap has retraced by 4%. This comes simply a day after reports emerged that the SEC had actually opened an investigation against the designers of the decentralized exchange – – Uniswap Labs.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto More gains come from Fantom (36%), Revain (29%), IOST (27%), Theta Fuel (15%), Horizen (11%), and ICP (11%).

As a result, the cumulative market cap of all crypto properties went for a multi-month record of its own and is close to $2.3 trillion now.