Categories: News

Bitcoin Hits $20K, Ethereum Rises 12% as Crypto Market Cap Tops $1 Trillion

The cryptocurrency market is rebounding today as the price of Bitcoin topped $20,000 for the first time in weeks, Ethereum rose above $1,500 for the first time since the post-merge fallout, and the overall market topped $1 trillion after three weeks under that mark.

Bitcoin is currently up 5% on the day to a price of $20,322, per data from CoinGecko. Today marks the first time that the leading cryptocurrency’s price has topped $20,000 since October 7, according to the site, following weeks of relatively modest movement under that mark.

Advertisement

However, Ethereum is popping much higher today, up 12% over the past 24 hours to a current price of $1,500. It rose slightly higher to $1,507 before dipping, and marks the first time that Ethereum has reached the $1,500 milestone since September 15, when the price of ETH fell significantly following the network’s successful merge upgrade.

Elizabeth Warren, Alexandria Ocasio-Cortez Target Crypto’s Revolving Door

Advertisement

Other notable altcoins are up big today, as well, including Solana up 12% to nearly $32, Cardano rising 14% to $0.41, and Polkadot climbing almost 11% to $6.50 per token.

All told, the entire cryptocurrency market now has a total market cap of $1.03 trillion, per CoinGecko, up over 6% today. It’s the first time that the market has hit the $1 trillion mark since October 4.

Advertisement

What’s causing all of the green in the market today? Analysts point to macroeconomic trends, with the stock market also up today as an array of major companies report earnings. OANDA senior market analyst Edward Moya also points to hope that the U.S. Federal Reserve will soon calm its aggressive plan of interest rate raises.

“Both Bitcoin and Ethereum are gaining momentum as Wall Street musters up a few strong sessions,” Moya wrote in emailed comments to Decrypt. “The economy is showing further signs of weakening and that is helping investors grow confident that the Fed will be in a better position to downshift their tightening pace after next week’s FOMC meeting.”

Advertisement
Sola Adeyemo

Recent Posts

Tinubu promotes Acting Chief of Army Staff, Oluyede to Lt Gen

President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…

2 hours ago

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

8 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

10 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

14 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

14 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

14 hours ago