The largest cryptocurrency by market cap recently fell down below $20K, putting its major investment in despair for a retrievement. Now Bitcoin has regained the ground during a Friday rally. The crypto market cap added over $50 billion following the recent hike in bitcoin above $20,000 and ETH being up 9%.
The recent fall of Bitcoin price below $20K which affected most major altcoins like ETH, SOL, DOGE, and SHIB, caused many Crypto traders to lose hope in the retrieval of Bitcoin due to the need for a $20,200 gain back for disproving the pessimistic outlook. However, this fourth of July, the independence day of the United States, brought new gains to the market with Bitcoin price rising up to $20,000 for the first time in five days.
Binance CEO, Changpeng Zhao, in a recent Tweet said that the crypto winter is a good time to buy bitcoin for investors who can wait for the next bull market.
Consequently, the second-largest crypto, Ethereum, has added around $100 in a day with a substantial 9% increase, and ETH price standing at $1100,16.
Several lower and mid-cap alt coins like from Ripple, Cardano, Dogecoin, Polkadot, Tron, and Shiba Inu have also shown similar but more modest gains.
By the end of June, which was bitcoin’s worst trading month in over a decade, the cryptocurrency experienced increasing volatility by falling to $2,000. Other major cryptos, SOL and SAND jumped more than 9% and 8%. Solana’s daily surge stays similar, and SOL is now at $35.
With Bitcoin and some major altcoins surging, the overall crypto market cap has added $50 billion in a day and stands above $900 billion now.
A survey by Mastercard shows that over 51% of Latin Americans made at least one transaction with cryptocurrencies this year.