The crypto market cap topped $2 trillion as bitcoin’s price neared $48,000. BTC has gained more than 65% of value since July 20th.
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.