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Bitcoin Price Up 65% in 3.5 Weeks as BTC Eyes $48K (Market Watch)

Summary:
Bitcoin continued with its decisive move upwards, and the latest leg up drove the asset to nearly ,000. The alternative coins have performed even more impressively, with ETH topping ,300 and ADA exploding by another 10%. Bitcoin’s Impressive Run A lot can change in the cryptocurrency markets in a month or even less sometimes. The primary cryptocurrency is a prime example as it had dumped to a low of ,200 on July 20th. As the bearish sentiment was taking over, though, the asset reversed its trajectory. It started somewhat rapidly to regain its value, reclaimed ,000, and kept climbing. In a matter of days, it had added more than ,000, but this time, the ,000 price line couldn’t contain BTC’s aspirations. Thus, after minor crashes, bitcoin continued to

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Bitcoin continued with its decisive move upwards, and the latest leg up drove the asset to nearly $48,000. The alternative coins have performed even more impressively, with ETH topping $3,300 and ADA exploding by another 10%.

Bitcoin’s Impressive Run

A lot can change in the cryptocurrency markets in a month or even less sometimes. The primary cryptocurrency is a prime example as it had dumped to a low of $29,200 on July 20th.

As the bearish sentiment was taking over, though, the asset reversed its trajectory. It started somewhat rapidly to regain its value, reclaimed $30,000, and kept climbing. In a matter of days, it had added more than $10,000, but this time, the $40,000 price line couldn’t contain BTC’s aspirations.

Thus, after minor crashes, bitcoin continued to increase, and earlier today, it reached $47,900 – the highest price line in roughly three months. Therefore, it gained 65% in just over three weeks.

As of now, it has retraced with a few hundred dollars but still stands above $47,500. Its market dominance has taken a step back as the altcoins are even deeper in green, but the market cap stands around $900 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Nothing But Green

The alternative coins have performed similarly in this timeframe. On a more micro-scale, most have charted impressive gains as mentioned above. Ethereum has added another 2.5% of value and currently trades above $3,300. Earlier, it went to a multi-month high of its own at $3,320.

Binance Coin (3%), Polkadot (4%), Uniswap (2%), and Solana (2%) have seen minors gains. However, Chainlink (5%), Bitcoin Cash (5%), Dogecoin (6%), and Cardano (10%) have surged even more.

Ripple’s performance is even more impressive after a 12% increase. As a result, XRP sits at a three-month high as well at $1.17.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

QTUM is the most substantial gainer from the top 100 tokens. It’s up by 35% and trades at $15. More increases are evident from XinFin Network (13%), Klaytn (12%), and EOS (10%).

Ultimately, the cumulative market cap went for a multi-month record as well at just over $2 trillion earlier. This comes after adding nearly $200 billion since the low on Thursday.

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