Ethereum and Bitcoin hit 6-week highs | Crypto Market

The crypto market valuation has surpassed $1.14 

trillion as bitcoin and ethereum reached new highs .

The decision by US President Joe Biden not to admit that the US has officially entered a recession has propelled the crypto market upward once again. As a result, bitcoin, ethereum, and a variety of other assets hit multi-week highs.

Bitcoin Tapped $24.4K

The cryptocurrency industry is notorious for its volatility, and bitcoin has demonstrated this in the last week or two. On July 20, the asset was valued at more than $24,000, a local high, but plummeted by about $4,000 in the following days to a weekly low of $20,735 on July 26.

The community expected even greater price volatility when the US Federal Reserve announced the latest hike in interest rates (75bps). Volatility indeed came, but unlike in past instances, BTC moved north.

It broke above $23,000 and reached $24,000 in just a few hours. More news from the United States propelled it further, as Joe Biden stated that the second consecutive negative quarter in terms of GDP, which is normally classified as a recession, was not in fact a recession.

According to CoinGabbar at the time of writing, bitcoin is currently trading at $24,090, increased 4.8% in the last 24hrs. As of now, it has retraced slightly, but its market valuation is still above $450 billion.

ETH at Local Peak Too

The altcoins are also back in the green. Ethereum is leading the charge, which is currently trading at $1730, increased by 6.9% in the last 24hrs. The second-largest cryptocurrency was trading near $1,800, it is soon to hit a  multi-week high.

Cardano, Ripple, BNB, Shiba Inu, Dogecoin, and Polkadot all have recorded similar increases. Solana and Polygon are up over 8% to $43 and $0.95, respectively.

Ethereum Classic (ETC) is once again the most substantial gainer from the larger-cap altcoins. ETC is currently trading at $43.3, increased by 29% in the last 24hrs.

The crypto market cap has increased by almost $50 billion in a single day and is now at a local high of $1.15 trillion.

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