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December 9, 2022
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Bitcoin

Bitcoin breaks to a 2-month high above 42k. dollars

Bitcoin initiated another rise that set a new two-month high of just over $ 42,000. In addition to Chainlink, most alternative coins are lagging behind and BTC’s market dominance has risen to over 48%.

Bitcoin hits a 2-month high

As reported earlier this week, bitcoin entered an upward trend after hovering around the $ 33,000 price line for a while. The original cryptocurrency struck a green candle worth 7 thousand. USD. As a result, it briefly surpassed $ 40,000 for the first time in more than a month.

However, soon the bears intervened and pushed the asset south. BTC recovered to just over $ 36,000. Nevertheless, it did not stay there long and began to appreciate again.

As a consequence, it returned to the level of $ 40,000 and was stagnant for several days, with no decisive moves to either side. Everything changed yesterday when it suddenly fell to $ 38,000.

But then the bulls went back into the game and pushed Bitcoin north again. In the hours that followed, BTC jumped over $ 4,000 and soared over $ 42,000. This is the highest price recorded since the mid-May crash.

Right now, the asset has receded somewhat and is trading around $ 41,500. However, its dominance over alternative coins increased to 47% because this time, most of them did not increase in correlation.

ETH at $ 2,500

The largest altcoin hit a monthly peak of $ 2,500 a few hours ago. The rate has slightly recovered to $ 2,450 since then, but is still 1.5% intraday.

Binance Coin has calmed down around $ 320, despite all the regulatory concerns surrounding the stock exchange behind this asset. Cardano, Dogecoin, Bitcoin Cash, and Litecoin posted modest gains.

Polkadot and Uniswap both rose by a similar percentage (around 4%) and are now trading at $ 16 and $ 21, respectively.

Chainlink gained the most among higher-cap altos. LINK gained 10% in just one day. As a result, the price of the coin fluctuates around $ 22.

As expected, greater fluctuations are seen in the lower and mid cap altcoins. NEO leads the way with 25% growth in one day and 46% growth in one week.

Interestingly, THORChain (20%) is next. RUNE is trading at $ 6.50 despite recent network breaches. Flow (19%), Helium (15%), Stacks (13%), and Ravencoin (10%) are another altcoin with a very green chart.

The cumulative market capitalization of all cryptocurrency assets has risen by nearly $ 100 billion from yesterday’s low, and surpassed $ 1.6 trillion for the first time since mid-June.

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