Bitcoin Maintains $20K, Ethereum Soared to 9-Day High (Market Watch)

Despite the recent volatility, bitcoin has managed to sustain above the coveted $20,000 line. Most altcoins are also slightly in the green today, with ETH spiking towards a near 10-day high at $1,200.

Bitcoin Sustains Above $20K

Last week ended on a highly volatile note in which bitcoin skyrocketed by over $2,000 in minutes to just under $21,000. However, that turned out to be a fake breakout as the cryptocurrency retraced just as quickly.

Following such enhanced price fluctuations, the asset calmed at around $19,000 when the weekend came, and given the fact that July 4 was the national US holiday, not much happened in terms of price action on Monday either.

The landscape changed on Tuesday when BTC spiked to and beyond $20,000 before experiencing another roller-coaster, in which it dropped to $19,250 and shot back up to $20,600.

Following another retracement to sub-$20K levels, bitcoin jumped back above that line and remains there as of now. As such, its market cap is close to $400 billion, while the dominance over the alts sits tight at 42.4%.

BTCUSD. Source: TradingView

ETH Sees Local Peak

Most altcoins also went through similar price movements lately but are slightly in the green on a daily scale.

Ethereum stands tall with a 3% increase since yesterday. Moreover, the second-largest asset jumped to just over $1,200 hours ago, which became a 9-day high. As of now, though, ETH trades just under that level.

BNB, Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, and Avalanche have charted insignificant daily increases. TRON, on the other hand, is just slightly in the red.

Most lower- and mid-cap altcoins are also quite still on a daily scale. As a result, the overall market cap of all crypto assets stands calm at just over $900 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

The CEO of FTX – Sam Bankman-Fried – said his company still has “a few billion” left to bail out other struggling crypto firms.

One of the companies that Elon Musk runs – Boring – will start accepting Dogecoin (DOGE) for various payments.

Following the meltdown of the Terra ecosystem, the authorities of the US and South Korea noted that they will start sharing data with each other.

Sepolia, a public testnet of Ethereum, has become just the second one to implement the Merge upgrade.

Uprise Investment Fund admitted to losing over $20 million of its customers and own funds by shorting LUNA in May.

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