digital currency
Cryptocurrencies got off to a positive start this week, with the price action accelerating over the past 24 hours, to offset last week’s losses. Bitcoin rose to $22,500 in the early hours of the day.
Cryptocurrencies were unable to overcome the bearish momentum over the past week, with the cryptocurrency market cap falling below $900 billion. But the crypto markets took the opposite approach this week, turning positive and reversing the losses.
Bitcoin tests the levels of 22 thousand dollars
Bitcoin has been fluctuating since the second half of June, falling to critical support levels at $18,000, and tumbling last week at $21,8,000. Buying started from the bottom of this week, and Bitcoin continues to support the entire market.
Bitcoin broke above the June high at $22,500 today.
After a sharp rally during Asian trading hours, Bitcoin pulled back a bit to stay above $21,800 levels this morning.
Bitcoin recorded significant increases, rising by 8.5% over the past 24 hours, with the second largest currency in the market, Ethereum, rising 7.5% to reach the level of $1,245. Ethereum recovered its losses with testing the June 26 peak today.
The high index of fear and greed in the cryptocurrency market
With positivity prevalent in the cryptocurrency market today, Bitcoin and Ethereum are driving the rally. The top 100 cryptocurrencies are in positive territory right now, with the biggest seeing Aave up 14%, Polygon up 12%, and Internet computing up 10%.
While the Fear and Greed Index reached 20 levels, the highest levels since May, the index remains in a strong fear zone.
On the flip side, Celsius continues to pay off debt, with the bailout continuing to keep crypto companies a little short of collapse. Celsius saw some stability with the withdrawal of Bitcoin to save the company, after it closed the DAO coin.
Written by: Jonny Chaims