Bitcoin recovers $20,000 amid broader crypto market recovery

Bitcoin (BTC) rose 8.26% early Friday to break the psychological $20,000 level and lead the recovery of the broader cryptocurrency market.

The industry’s largest cryptocurrency by market cap fell to $18,644 on Wednesday and traded mostly between $19,200 and $19,300 yesterday.

However, today’s hack has pushed bitcoin’s price to $20,808 at press time, a level not seen since August 26, according to data from CoinMarketCap.

The bullish price action has also helped push the cumulative market capitalization of all cryptocurrencies above $1 trillion, with Bitcoin currently controlling 38.5% of the market.

Ethereum Meanwhile, (ETH) has gained 5.2% in the past 24 hours and is currently trading at $1,706 per CoinMarketCap.

Like Bitcoin, this is a two-week high for the second largest cryptocurrency in the market, which is now in the final stages of preparations for the historic merger event that will see the network transition from its current state. Business Certificate (PoW) consensus algorithm for an algorithm that consumes less power Effort proof (PoS) model.

Solana, Polkadot Show Strong Gains

Elsewhere in the market, Solana (SOL) is the top performing asset among the top 10 cryptocurrencies as the price of the token has increased by 9.3% in the past 24 hours to reach a daily high of $35.66.

polka dot (DOT) is on a similarly impressive trajectory – the tenth largest asset is up 9.6% on the day, hands trading at $7.80.

outside the top ten, Cosmos (Atom) and chain link (LINK) Both posted double-digit gains – up 22.9% and 12.5% ​​on the day.

Today’s market recovery comes on the heels of the European Central Bank’s decision to raise interest rates in the Eurozone by 75 basis points, the second consecutive increase since July.

Federal Reserve Chairman Jerome Powell said Thursday that he is “deeply committed” to fighting inflation, which means more rate hikes are likely on the horizon.

Coupled with Powell’s comments, the ECB’s moves saw the euro rise sharply to $1.0070 from $0.9960 at yesterday’s close. Asian stocks also performed well on Friday morning thanks to a weak US dollar, with Hong Kong’s Hang Seng Index up 2.69% at the time of writing.

Stay up to date with cryptocurrency news, and get daily updates in your inbox.

Leave a Reply

Your email address will not be published.