Crypto Market Capitalization Regains $1trillion as Bitcoin Shows Resilience at $20K September 27, 2022 September 27, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsSeptember 27, 2022 by Kelly Cromley

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.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.