Crypto markets noticed a sudden upward motion within the early hours on Tuesday as the worth of Bitcoin (BTC) has as soon as once more reclaimed the $20,000 stage.
The main cryptocurrency, which was buying and selling under $19,000 on Monday, is up 6.4% over the previous day, presently altering arms at a 10-day excessive of $20,199, in keeping with knowledge from CoinGecko.
Whereas buyers hope the most recent worth motion will sign a brand new bull run, that is nonetheless a far cry from the asset’S all-time excessive of over $69,000 that was recorded final November. As of right this moment, Bitcoin has fallen by roughly 71% from its document excessive and is down 57% because the begin of the 12 months.
The Fear and Greed Index, a metric utilized by some buyers to gauge the market sentiment, is presently at 20 factors, which corresponds to “excessive worry.”
Ethereum joins Bitcoin in uptrend
Ethereum (ETH) has additionally seen some constructive motion up to now 24 hours because it jumped 6.4%, buying and selling at $1,382 by press time, per CoinGecko.
That is the primary significant upward motion for the business’s second-largest cryptocurrency because the community’s shift to a proof-of-stake (PoS) consensus mechanism on September 15.
Following the historic merge event, the worth of ETH plummeted from above $1,700 to virtually $1,250 on September 22, failing to bounce again above $1,350 since then.
The 2 largest cash posted good points amid hovering buying and selling volumes, propelling the general market worth again above the $1 trillion mark.
The market’s different notable gainers embody Uniswap (UNI), which is up 16.2% over the day to hit a two-week excessive of $6.59, Polkadot (DOT) with a 6.2% uptick in worth, and Solana (SOL), which is up 5.3% over the previous 24 hours.
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