Bitcoin soars above $40,000 as the crypto market cap is back above $1.6 trillion.

The crypto market cap reached above $1.6 trillion for the first time since mid-June as bitcoin soared to its highest price line since May.

The price of the leading cryptocurrency bitcoin has initiated another leg up, resulting in charting a new two-month high of just over $42,000. BTC’s market dominance has increased to well above 48%. As reported earlier this week, BTC went on a tear after dabbling with the $33,000 price line for a while and charted a $7,000 green candle. Bitcoin briefly exceeded $40,000 for the first time in over a month.  

 

Bitcoin trades above $41,500.

The bears intervened and pushed the leading cryptocurrency south shortly after, and BTC retraced to just over $36,000. Nevertheless, it didn’t stay there for long and started gaining value once more. It went back to the $40,000 level and stayed there for a few days without any decisive moves in either direction. This changed yesterday when it suddenly dropped to $38,000. At that time, though, the bulls came back to play and drove bitcoin up again. In the following hours, bitcoin jumped by more than $4,000 and spiked above $42,000. This became the highest price tag registered since the mid-May crash.

 

Bitcoin’s dominance over the alternative coins has increased to 48.3% 

At the time of writing, bitcoin has retraced slightly and stands above $41,500. However, its dominance over the alternative coins has increased to 48.3% as most of them have failed to follow it north. The largest altcoin also charted a monthly high of just shy of $2,500 hours ago. It has retraced slightly since then to $2,450, but it’s still 1.5% up on the day. Binance Coin has cooled around $320, despite all the regulatory concerns surrounding the crypto exchange. Cardano, Dogecoin, Bitcoin Cash, and Litecoin have marked minor gains since yesterday.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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