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Bitcoin Spikes to a 2-Month High Above $42K: Up 25% in July (Market Watch)

Summary:
Bitcoin has initiated another leg up, resulting in charting a new two-month high of just over ,000. Apart from Chainlink, most alternative coins trail behind, and BTC’s market dominance has increased to well above 48%. Bitcoin Taps a 2-Month High As reported earlier this week, bitcoin went on a tear after dabbling with the ,000 price line for a while and charted a ,000 green candle. As a result, the cryptocurrency briefly exceeded ,000 for the first time in over a month. However, the bears intervened and pushed the asset south shortly after, and BTC retraced to just over ,000. Nevertheless, it didn’t stay there for long and started gaining value once more. Consequently, it went back to the ,000 level and stood there for a few days without any decisive

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Bitcoin has initiated another leg up, resulting in charting a new two-month high of just over $42,000. Apart from Chainlink, most alternative coins trail behind, and BTC’s market dominance has increased to well above 48%.

Bitcoin Taps a 2-Month High

As reported earlier this week, bitcoin went on a tear after dabbling with the $33,000 price line for a while and charted a $7,000 green candle. As a result, the cryptocurrency briefly exceeded $40,000 for the first time in over a month.

However, the bears intervened and pushed the asset south shortly after, and BTC retraced to just over $36,000. Nevertheless, it didn’t stay there for long and started gaining value once more.

Consequently, it went back to the $40,000 level and stood there for a few days without any decisive moves in either direction. This changed yesterday when it suddenly dropped to $38,000.

At that time, though, the bulls came back to play and drove bitcoin north again. In the following hours, BTC jumped by more than $4,000 and spiked above $42,000 (on Bitstamp). This became the highest price tag registered since the mid-May crash.

As of now, the asset has retraced slightly and stands above $41,500. However, its dominance over the alternative coins has increased to 48.3% as most of them have failed to follow it north.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Neared $2.5K as LINK Spikes 10%

The largest altcoin also charted a monthly high of just shy of $2,500 hours ago. It has retraced slightly since then to $2,450, but it’s still 1.5% up on the day.

Binance Coin has calmed around $320, despite all the regulatory concerns surrounding the exchange behind the asset. Cardano, Dogecoin, Bitcoin Cash, and Litecoin have marked minor gains since yesterday.

Polkadot and Uniswap have both increased by a similar percentage (around 4%) and currently trade at $16 and $21, respectively.

Chainlink is the most impressive performer from the larger-cap alts with a 10% surge. As a result, LINK has spiked above $22.

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

Somewhat expectedly, more fluctuations are evident from the lower- and mid-cap altcoins. NEO leads the way with a 25% increase in a day and a 46% surge in a week to $44.

Interestingly, THORChain (20%) is next. RUNE trades at $6,50, despite the recent hacks against the network behind it. Flow (19%), Helium (15%), Stacks (13%), and Ravencoin (10%) follow.

The cumulative market capitalization of all crypto assets is up by nearly $100 billion since yesterday’s low and is above $1.6 trillion for the first time since mid-June.

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