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

Summary:
The Bitcoin bulls continued to push the cryptocurrency north in the past 24 hours, resulting in a multi-month high of just over ,000. Most altcoins also performed well in the same timeframe, with ETH touching ,000 for the first time since mid-May. Bitcoin Tapped K September didn’t start all that well for bitcoin as the asset fell to a multi-day low of ,300 on Wednesday. However, this is where the situation quickly changed. The primary cryptocurrency started rising somewhat rapidly. It added ,000 of value in a day and briefly exceeded ,000. Conquering that level, though, wasn’t all that easy, and BTC dropped by ,000 to ,400. Yet, bitcoin didn’t stay down for too long and initiated another leg up in the past 24 hours. This time, it spiked above ,000

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

Bitcoin Tapped $51K

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

The primary cryptocurrency started rising somewhat rapidly. It added $4,000 of value in a day and briefly exceeded $50,000. Conquering that level, though, wasn’t all that easy, and BTC dropped by $2,000 to $48,400.

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

Since then, BTC retraced slightly, but it still trades above $50,000 as of writing these lines. Its market capitalization has neared $950 billion, but its dominance struggles at around 41.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ethereum Taps a Near 4-Month High

The reason why BTC’s dominance suffers lately is because of the high flying altcoins. Ethereum is a prime example. The second-largest cryptocurrency fell below $3,100 less than a week ago.

However, it bounced off nicely and started to push higher and higher. This culminated yesterday when ETH broke above $4,000 for the first time since mid-May as well. Despite retracing 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 just slightly in the red. Litecoin is the most impressive performer from the larger-cap alts, with a 15% surge to above $210.

In contrast, Uniswap has retraced by 4%. This comes just a day after reports emerged that the SEC had opened an investigation against the developers 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%).

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

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