Bitcoin Reached a 12-Day High: Ethereum Classic Surges 25% (Market Watch)

Bitcoin pumped to its highest price line in almost two weeks as Ethereum Classic skyrocketed by 25% to overcome $60.

After heading north again yesterday to a new 12-day high of over $36,500, bitcoin has retraced slightly and calmed around $35,000. Most altcoins also saw brief price pumps in the past 24 hours, with Ethereum spiking above $2,200 and BNB to north of $300. Ethereum Classic, on the other hand, has outperformed all larger-cap altcoins.

BTC Saw a 12D High

Following the Saturday bloodbath in which BTC plummeted to just over $30,000, the bulls have been in charge. Consequently, the cryptocurrency recovered most losses in less than a day and only continued higher.

As reported by CryptoPotato, bitcoin jumped above $35,000 on Monday and stood there for a while. Nevertheless, the asset initiated another leg up in the past 24 hours.

It added over $1,500 of value to about $36,600 (on Bitstamp). This became its highest price tag since June 18th.

However, it failed to produce more gains and has retraced by more than a grand to just over $35,000. BTC’s market capitalization still stands above $650 billion, and its dominance is around 46%.

On a more macro scale, the Puell Multiple metric flashed a buy signal yesterday, which has historically resulted in massive USD appreciation.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BNB at $300 as ETC Skyrockets 25%

Most alternative coins also saw brief spikes yesterday, with ETH breaking above $2,200 for the first time in two weeks. However, the second-largest crypto has also declined since then and currently sits around $2,150.

Binance Coin went as high as $315 but has retraced to $300 as of now. On a 24-hour scale, Cardano, Ripple, and Litecoin are slightly in the green, while Dogecoin, Polkadot, and Bitcoin Cash have corrected.

Ethereum Classic is the most significant gainer from the larger-cap altcoins. ETC is up by more than 24% in a day and has reclaimed $60. This is its highest price line since in about half a month.

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

More gains come from UMA (20%), Qtum (18%), Waves (14%), Bitcoin Gold (13%), Telcoin (12%), and Terra (10%).

Although coins like Quant, Celo, Bitcoin SV, and Kusama have retraced slightly, the cumulative market capitalization of all crypto assets has remained above $1.4 trillion.

News Source