The market capitalization of cryptocurrencies reached $2 trillion, as the price of bitcoin approached $48,000. BTC quote has risen more than 65% since July 20th.
Bitcoin continued its decisive rise, and the last step of the rise brought the asset to nearly $48,000. Alternative currencies performed even more impressively, with ETH hitting $3,300 and the ADA exploding by another 10%.
Bitcoin awesome race
A lot can change in the cryptocurrency markets in a month or even less sometimes. The BTC is an excellent example as it fell to a low of $29,200 on July 20th.
As the bearish sentiment was taking over, however, the asset reversed its trajectory. It started to recover its value fairly quickly, recovered $30,000, and continued to climb. In a matter of days, he added over $10,000, but this time, the $40,000 price line could not contain the bulls.
So, after small declines, bitcoin continued to rise and earlier today hit $47,900 – the highest price line in about three months. So he gained 65% in just over three weeks.
As of now, the currency has undergone some corrections but is still above $46,000. Its market dominance has taken a step back as altcoins are even greener, but the market capitalization is around $900 billion.
Altcoins in green
Alternative currencies performed similarly in this period. On a weekly scale, most posted impressive gains, as mentioned above.
Ethereum added another 11.8% of the value for the week and currently trades above $3,200. Previously, it hit a multi-month high of $3,320.
Binance Coin (18.3%), Polkadot (9.1%), Uniswap (10.9%) and Solana (10%) also saw significant gains. However, XRP (54.9%), Dogecoin (37.2%) and Cardano (53.8%) rose even more.
Ultimately, the cumulative market capitalization hit a multi-month record also at just over $2 trillion earlier. That comes after adding nearly $200 billion since Thursday’s low.