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Breaking: Bitcoin Breaks $20K, Ethereum Explodes In Crypto Rally

The crypto market is experiencing a strong rally. Bitcoin has broken the $20k price level while the altcoins have shown strength as well.
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Breaking: Bitcoin Breaks $20K, Ethereum Explodes In Crypto Rally

The crypto market is experiencing an extremely strong rally. Bitcoin has finally broken the $20K price level and is still surging. BTC has surged 5% in the last 24 hours and over 1% in the last hour. It is currently trading at $20,324.

On the other hand, Ethereum is outpacing Bitcoin and is showing extremely bullish sentiment. ETH has surged 12% in the last 24 hours and over 15% in the last 7 days. The Ethereum rally is still going strong as ETH has climbed 1.24% in the last 24 hours.

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How Are Altcoins Performing In Crypto Rally

In recent times, Bitcoin performed relatively stable and fluctuated in the $18k-$19K range. However, some of the altcoins continued to perform poorly and showed extreme volatility. Crypto investors will rejoice at the fact that the altcoins are driving today’s rally.

BNB Coin exploded by 5% in the last 24 hours and is trading at $289.67. Cardano (ADA) continues to show extreme strength in today’s rally. ADA is up by 14% in the last 24 hours and is trading at $0.4125.

Solana broke its negative trend of the last week and showed strength. $SOL exploded by 11% in the last 24 hours. This brings its total gain for the week to 6%. Polkadot and Litecoin are showing the strongest bull movement as both have surged 2% in the last hour.

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Is The Bottom In

The crypto market was performing poorly due to unfavorable macroeconomic conditions. The Federal Reserve was combating the high inflation level through quantitative tightening and interest rate hikes. The dollar’s continued strength was also plummeting the crypto market.

However, as the dollar index fell today, the crypto market saw a strong rally.

Experts however are warning that the crypto bottom may not be in. The Federal Reserve still maintains an extremely hawkish stance and is likely to increase interest rates with another 75 bps hike.

The threat of further inflation due to the Russia-Ukraine war can also crash the crypto market.

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Nidhish Shanker

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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