Bitcoin and Ethereum both charted new monthly highs before retracing slightly. ETC continues to steal the show.
Bitcoin spiked to yet another monthly high of almost $23,000 before getting stopped there. While most alts are calmer on a daily scale as well, ETH jumped to just over $1,600 hours ago. NEAR and ETC are among the best performers now.
Ever since the price drop on July 13 to below $19,000, propelled by the record-setting US inflation numbers, bitcoin has been on a roll.
The asset bounced off that weekly low and reclaimed $20,000 in the next few days. Unlike the previous two weekends, this time, BTC actually gained quite a bit of value and was close to $22,000 as Sunday came to an end.
Monday started with a brief retracement below $21,000, but the cryptocurrency reversed its trajectory shortly after and jumped above $22,500 to mark a fresh monthly high.
In the past 24 hours, bitcoin spiked a few hundred dollars above that line and came just inches away from $23,000. As of now, though, it has retraced by over $1,000 and sits under $22,000.
As it’s evident from the declining BTC dominance, the altcoins have been performing quite well.
Ethereum has led the charge. The asset had dipped to $1,000 less than a week ago but soared by over 60% within this timeframe and briefly exceeded $1,600 earlier today. As of now, it has slipped to $1,520, but it’s still in the green on a daily scale.
So is Solana, which trades close to $45 after a 3% increase. In contrast, BNB, Ripple, and Avalanche are slightly in the red.
From the lower- and mid-cap alts, ETC, NEAR, SAND, APE, and Flow stand out as the most impressive performers.
The crypto market cap has sustained above $1 trillion after gaining over $100 billion in the past few days.
