CryptoCurrency News - July 31, 2022

Bitcoin attempted another leg up in the past 24 hours resulting in a new multi-week high at nearly $25,000. Ripple is the most significant gainer from the larger-cap alts on a daily scale, while Ethereum Classic has soared by almost 50% weekly after Buterin’s most recent speech.

Bitcoin Neared $25K

This past week started with several bearish signs that saw bitcoin dropping from above $22,000 to under $21,000 in hours. More volatility was expected in the middle of the week when the US Federal Reserve said it will raise interest rates by another 75 basis points.

Unlike previous examples, though, this time, the cryptocurrency started gaining value fast and spiked above $23,000. Even more bullish price movements came when President Joe Biden said the US had not entered into a recession despite the two consecutive negative quarters.

The reassurance, whether true or false, pushed BTC north, and the asset spiked to $24,500 on Friday. The weekend started with a $1,000 retracement and calmer price movements before a sudden surge earlier today that drove bitcoin to just over $24,500, which became the highest level the asset has seen since June 13.

As of now, bitcoin trades $1,000 lower, but its market cap still stands above $450 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETC Soars Weekly

The altcoins also experienced short-term gains in the past 24 hours but have retraced and are calmer now.

Ethereum is slightly in the red on a daily scale and sits at $1,700. Polkadot has also registered a minor daily decline. In contrast, BNB, ADA, Dogecoin, MATIC, Shiba Inu, and Avalanche have painted insignificant gains.

Solana and Ripple have increased the most from the larger-cap alts. SOL is up by 3.5% and trades just shy of $44, while XRP has soared by 6% and is close to $0.4.

From the lower- and mid-cap alts, Filecoin has stolen the show with a massive 17% daily surge.

Ethereum Classic, on the other hand, has soared by 45% weekly after Vitalik Buterin suggested that PoW-lovers could switch to the ETC network after Ethereum’s PoS transition.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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