The US President Joe Biden’s refusal to acknowledge that the US has formally entered a recession drove the cryptocurrency market upward once again. As a result, several different assets, including bitcoin and ether, reached multi-week highs.
Bitcoin Hit $24,5K
Bitcoin recently shown the volatility of the cryptocurrency market, which is well-known for it. The asset reached a local top of over $24,000 on July 20; however, it then fell by approximately $4,000 over the next several days, reaching a weekly low of $20,700 on July 26.
The community expected even more price fluctuations as the US Federal Reserve was to announce the latest interest rate hike. Volatility indeed came, but, unlike the previous times, BTC headed north.
In just a few hours, it broke above $22,000 and touched $23,000. More news from the US pushed it further upwards as Joe Biden said the second consecutive negative quarter in terms of GDP – usually described as a recession – was not indeed a recession.
Bitcoin reacted with an immediate price surge to $24,500, which became the new highest price level since June 13. As of now, it has retraced slightly, but its market cap is well above $450 billion.
The local peak of ETH
The alternative coins are once again very much in the black. With a 6 percent gain to almost $1,700, Ethereum is the leader in the charge. Even the second-largest cryptocurrency recently traded near $1,800, reaching a multi-week high.
Cardano, Ripple, BNB, Shiba Inu, Dogecoin, and Polkadot all have comparable daily increases. The prices of Solana and Polygon have increased by more than 8% to $43 and $0.95, respectively.
The largest gainer among the larger-cap alts is once again Ethereum Classic. ETC is now trading at $27 after rocketing by 27%.
The cryptocurrency market capitalization has increased by nearly $50 billion in the past day and has reached a local milestone of $1.1 trillion.