Bitcoin Reaches Over $20,000, Ethereum Rises Biggest Since The Merge
The market is seeing Bitcoin (BTC) recover to the $20,000 level. The rising price of BTC is the driving force that makes the entire market flourish. Ethereum (ETH) also posted a gain of nearly 12%, the highest since The Merge.
At the end of October 25, the market recorded a strong recovery from Bitcoin (BTC), the largest cryptocurrency in the market. BTC rallied nearly 4% within 24 hours causing the price to recover to the $20,000 mark. This was also the driving force behind Ethereum rallying above $1,500 for the first time since the post-The Merge explosion.
Other notable altcoins today are also up big, including Solana up 12% to nearly $32, Cardano up 14% to $0.41, and Polkadot up nearly 11% to $6.50 per token newspaper.
All told, the entire crypto market currently has a total market cap of $1.03 trillion. This is the first time the market has hit the $1 trillion mark since October 4.
That could be due to analysts’ pointing to macroeconomic trends, with the stock market also edging higher today as a host of major companies reported earnings of giants GM and Coca-Cola. The tech-heavy Nasdaq and S&P 500 gained 2.25% and 1.2%, respectively.
Investors remain focused on the U.S. Federal Reserve’s continued efforts to rein in inflation without sending the economy into recession. Last week, they received some encouragement from fading signs that the Federal Reserve would raise interest rates less aggressively early next year than it currently has by 75 basis points.
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