Crypto Market Capitalization Regains $1trillion as Bitcoin Shows Resilience at $20K
The value of Bitcoin (BTC) has yet again recaptured the $20,000 threshold, resulting in a sharp upward rise on cryptocurrency market early Tuesday morning. As per statistics from CoinGecko, the top cryptocurrency, which was trading under $19,000 on Monday, is up 7.2% over the previous 24 hours and is presently trading at a 12-day high of $20,304.
While investors are hopeful that the recent price movement may mark a fresh bull run, the asset’s historical high of almost $69,000 was reached in November 2022. Bitcoin has lost almost 71% from its all-time high and 57% since the beginning of the year.
Presently, the Fear and Greed Index, a statistic some investors are using to evaluate market mood, is at 20 points, which equates to “severe fear.”
According to CoinGecko, the price of Ethereum (ETH) increased 6.9% in the last 24 hours, reaching $1,392 at press time. This is the first significant price increase for the numero uno altcoin, which can run smart contracts, since September 15, when the network switched to a proof-of-stake (PoS) consensus process.
As a result of the historical merging event, the price of ETH fell from above $1,700 to about $1,250 on September 22, and has failed to recover over $1,350 since then. The two biggest cryptocurrencies reported increases amid surging trade volumes, boosting the market capitalization back beyond $1 trillion.
Uniswap (UNI) is up 16.8% on the day to reach a two-week peak of $6.61, Polkadot (DOT) is up 4.2% to $6.73, and Solana (SOL) is up 7.0% to $34.91 during the previous 24 hours. Overall, the crypto market cap was back above $1 trillion ($1.014 trillion to be precise) while preparing this report.