in a nutshell
- Bitcoin surpassed $20,000 today and ETH hit $1,500 for the first time since shortly after the September merger.
- Overall, today the market is up 6% and is over $1 trillion again.
The cryptocurrency market today Bitcoin Exceeded $20,000 for the first time in several weeks, ethereum It crossed $1,500 for the first time since the post-merger impact, and the overall market crossed the $1 trillion mark three weeks later.
Bitcoin is currently up 5% on the day to a price of $20,322, according to data from. coin geckoAccording to the site, the price of a major cryptocurrency topped $20,000 for the first time since October 7.
However, Ethereum has surged 12% in the last 24 hours today and is currently trading at $1,500. It rose slightly to $1,507 before falling, marking the first time since Sept. 15 that Ethereum reached the $1,500 milestone. ETH Price Drops Significantly of the network Successful merge upgrade.
Other notable altcoins are also up significantly today. Solana about $32, up 12%; Cardano 14% higher to $0.41, Polka dot Up nearly 11% to $6.50 per token.
Overall, according to CoinGecko, the total market capitalization of the cryptocurrency market now stands at $1.3 trillion, up more than 6% today. It’s the first time the market has reached $1 trillion since October 4th.
What is driving the greening of today’s market? Analysts point to the following macroeconomic trends: Stock market rises today A range of major companies report earnings. Edward Moya, senior market analyst at OANDA, also noted that the US Federal Reserve (Fed) hopes to calm the recession soon. Aggressive interest rate hike plan.
“Both Bitcoin and Ethereum are gaining momentum as Wall Street gathers some strong sessions,” Moya commented in an email. Decryption“With the economy showing signs of further weakness, investors believe the Fed is in a better position to reduce the pace of tightening after next week’s FOMC meeting.”