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Crypto Market Once Again Breaks $1 Trillion as Bitcoin Spikes 6%

Over the past 24 hours, major cryptocurrencies like Bitcoin and Ethereum have experienced a significant run-up....
bitcoin bull run dormant coins
Photo by EivindPedersen

Over the past 24 hours, major cryptocurrencies like Bitcoin and Ethereum have experienced a significant run-up. The price of Bitcoin (BTC), saw an abrupt upward movement on Tuesday morning. It has now reclaimed $20,000 as its previous high.

According to data from coinGecko, the leading cryptocurrency is currently trading at a high of $20,199.

Investors hope for a crypto bull run

Investors hope that the latest price action signals a new bull market, but this is still far from Bitcoin’s all-time high of $69,000 last November. Bitcoin is currently down by 71% from its record high, and 57% since the beginning of the year.

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The Fear and Greed Index is a metric that some investors use to gauge market sentiment. It currently stands at 20 points. This corresponds to “extreme Fear.”

Ethereum (ETH), has seen positive activity in the last 24 hours, jumping 6.4%, trading at $1.382 per CoinGecko.

This is the first significant upward movement in the second-largest cryptocurrency in the industry since September 15, when the network switched to a Proof-of-Stake (PoS consensus mechanism) consensus.

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After the historic merger event, ETH’s price plummeted from over $1,700 to nearly $1,250 on September 22nd, but has not recovered above $11,350 since then.

The market value rose above $1 trillion due to gains in trading volumes.

Other notable market gainers include Uniswap, which has increased 16.2% in the last day to reach a two week high of $6.59. Polkadot(DOT) saw a 6.2% price increase and Solana, which has increased 5.3% in the past 24 hours.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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