The cryptocurrency markets have recovered, with significant gains from Ethereum, Polkadot, Avalanche, and ApeCoin driving the trend.
Given that bitcoin launched an offense and surged back above $23,000, yesterday’s correction appears to be a temporary one. The majority of cryptocurrencies are doing even better, with ETH surging by 8% and ApeCoin rising by double digits.
Bitcoin Retrieves $23,000
Since July 13, when the price of bitcoin dropped below $19,000, it has been on a positive trend. The value had increased to more than $20,000 as the weekend drew near. But in contrast to prior weekends, this time it climbed even higher and opened Monday at $22,000.
The cryptocurrency resumed gaining value on July 19 after a brief decline, and this time, it surged dramatically past $24,000. This marked the item’s most expensive price in over a month.
However, as soon as word spread that Tesla had sold roughly $1 billion worth of its bitcoin holdings in Q2, BTC reversed course and dropped by almost $2,000 in the next hours.
After this decline, the asset responded nicely, rallied back, and is now trading nearly $1,000 higher. As a result, its market worth is getting close to $450 billion, yet its market share over altcoins has dropped below 42%.
ETH and APE COIN BOOM
The performance of alternative coins has improved as a result of the diminishing BTC dominance and rising bitcoin price.
One of the best examples is Ethereum. The ten-day run for the second-largest cryptocurrency has overcome yesterday’s pullback. On a daily basis, ETH is up more than 8% and is once more trading close to $1,600.
BNB is presently at $270 after increasing by about 5% in a day. Similar jumps have been made by Ripple, Cardano, Solana, Dogecoin, Polygon, Shiba Inu, Polkadot, Avalanche, and Tron.
Several cryptocurrencies with smaller and mid-capitalizations are up between 5% and 10%. The most amazing performance is ApeCoin, which had a huge 17.5 percent increase in one day.
As a result, APE is currently close to $7.
The total market value of all cryptocurrency assets has increased by roughly $40 billion in the past day and now exceeds $1.05 trillion.