Cryptocurrency price rally today as bitcoin jumps above $22,000, altcoins lead

Global cryptocurrency According to CoinGecko, the market cap was above the $1 trillion mark today, as it rose more than 5% to $1.06 trillion in the past 24 hours.

“Bitcoin traded above the US$22,000 level with a gain of 5% over the previous day. If the price can stabilize at that level, we could see a further upward move. However, on the other hand, Ethereum outperformed the crypto market. This peak comes after six consecutive days of highs for Ethereum with its price rising above $1,500, indicating great strength and a recovery of the asset if the bulls sustain the momentum. If not, we can expect a retracement,” said Edul Patel, CEO and co-founder of global crypto investment platform Mudrex.

On the other hand, Ether, the coin and the second largest cryptocurrency tied to the Ethereum blockchain, rose more than 9% to $1,527. Meanwhile, the price of Dogecoin is up almost 3% to $0.06 today, while the Shiba Inu is up 5% to $0.0000012.

Today’s performance of other crypto prices also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apcoin, Avalanche, Polkadot, Polygon, Uniswap, Tether price were trading with gains in the last 24 hours .

According to a report by digital asset data provider CryptoCompare, spot trading volume across all centralized crypto exchanges around the world fell 27.5% month-on-month to $1.41 trillion in June, the lowest record since December 2020.

The cryptocurrency market failed to recover from the collapse of Terra in May as major crypto lending companies were under threat of bankruptcy, sparking fear among market participants.

Bitcoin has struggled to escape the $19,000 to $22,000 range as investors lick their wounds from a path accelerated by tightening monetary policy and topping crypto lenders and the TeraUSD stablecoin. The world’s largest coin has been struggling since hitting a high of $69,000 in November.

(with inputs from agencies)

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