Crypto Market Capitalization Nears $1T as Bitcoin (BTC) Reclaims $21K

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The cryptocurrency market cap nears the $1 trillion mark again, with Bitcoin steadying beyond $21,000. Many alternative tokens also calmed within the past day following the latest volatile ride. Meanwhile, Dogecoin and Cardano recorded the most attractive gains.

BTC Steadies Beyond $21K

The last seven days painted a somewhat recovery phase for Bitcoin following the significant price drops and colossal turbulence the assets saw in mid-June. For instance, the bellwether crypto crashed towards 18-month lows of $17.5K last Sunday.

However, Monday saw a narrative shift as the crypto rebounded to approach the crucial $20K area. Though BTC failed to overcome the level with the initial attempt, a few days later saw it achieving the goal.

Upside sentiments pushed BTC beyond the weekly highs of $21,500, with bulls attempting to regain market control. Bitcoin encountered rejection at the level and dropped beneath $20K following Fed Chair’s recent confirmation about more impending rate hikes.

Meanwhile, Bitcoin has been reclaiming value gradually, nearing the $21.5K mark. While publishing this content, Bitcoin trades with brief price actions at $21,388. Its market capitalization stayed beyond $400B, though market dominance remained beneath 42.5%.

DOGE and ADA Lead the Pack

The alternative tokens saw a similar roller-coaster, though calmed within the past day. Ethereum crashed from levels beyond $2K to $900 within a week. However, the leading crypto recovered, gaining over 300 to trade beyond $1.2K at this publication.

Binance Coin changes hands at $240 following a brief daily correction. Similar actions are visible in Avalanche, TRON, Polkadot, Solana, and Ripple. Meanwhile, Dogecoin and Cardano led the upside campaign, surging about 3% within the day to beyond $0.07 and $0.5, respectively.

Impressive upswings among the lower- and mid-cap altcoins came from FTT and Litecoin, gaining up to 4% within the past day. Further gains emerged from Mana, ApeCoin, and Sandbox. The impressive price actions propelled the global crypto market capitalization to $20B up within the day, nearing the most sought-after $1 trillion zone.

Bulls should trigger additional volumes to support continued upside. Nevertheless, sellers remain in the marketplace and might welcome declines. Stay tuned for updated news.


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