Ethereum Retests $1,600, ApeCoin Skyrockets 17% Daily (Market Watch) - Daily Bitcoin news

Ethereum Retests $1,600, ApeCoin Skyrockets 17% Daily (Market Watch)

Yesterday’s retracement seems to be a short-term one, as bitcoin went on the offensive and spiked back above $23,000. Most altcoins are in an even better shape, with ETH soaring 8% and ApeCoin jumping by double digits.

Bitcoin Reclaims $23K

The last week or so was quite bullish for bitcoin, which had recovered from the sub-$19,000 drop on July 13. As the weekend approached, the asset had jumped beyond $20,000. Unlike the previous weekends, though, this time, it went even further north and entered Monday above $22,000.

After a small retracement on July 19, the cryptocurrency started to gain value once more, which culminated in a massive surge above $24,000. This became its highest price tag in over a month.

In the following hours, though, BTC retraced by almost $2,000 as news broke that Tesla had sold almost $1 billion of its bitcoin holdings in Q2.

The asset reacted well to this drop, bounced off, and currently trades about $1,000 higher. As a result, its market cap has neared $450 billion, but its dominance over the altcoins has gone down below 42%.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

ETH, ApeCoin Explode

The declining BTC dominance while bitcoin’s price has increased means that the alternative coins have performed better.

Ethereum is among the most primed examples. The second-largest crypto has been on a roll in the past ten days, and yesterday’s retracement has been erased. ETH is up by more than 8% on a daily scale and trades around $1,600 once again.

BNB has gained about 5% in a day and now sits close to $270. Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche, and Tron have jumped in a similar fashion.

Several lower- and mid-cap altcoins are up by somewhere between 5% and 10%. ApeCoin is the most impressive performer, with a massive 17.5% surge in a day. followed, APE now sits close to $7.

The cumulative market cap of all crypto assets has added about $40 billion in a day and is above $1.050 trillion.

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

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Cryptocurrency charts by TradingView.

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