In 2017, blockchain technology suffered volatility, and it has been the order of things till this very moment.Before modestly retreating, Bitcoin and Ethereum both established new monthly highs with Ethereum being in the limelight.
Before being stopped there, Bitcoin surged to yet another monthly high of almost $23,000. The majority of alternatives are also more stable on a daily basis, however ETH recently increased to little over $1,600. Currently, NEAR and ETH are among the top achievers.
Bitcoin Reaches $23k
Since Bitcoin price dropped to under $19,000 on July 13th, bitcoin has been rising and this is as a result of the US inflation figures breaking all-time highs. In the following few days, the asset recovered $20,000 after rebounding from that weekly low. Contrary to the previous two weekends, BTC increased in value this time and was about $22,000 at the end of Sunday.
The cryptocurrency experienced a slight dip below $21,000 to start the day, but it quickly changed course and surged beyond $22,500 to set a new monthly high. Its market valuation is still significantly higher than $400 billion, but its dominance over the alternatives has decreased once again and is now only 41.2 percent.
Source: Trading View
Ethereum's New Value
The altcoins have been doing quite well, as is clear from the diminishing BTC dominance. The pioneer has been Ethereum. The asset dropped to $1,000 less than a week ago, but since then has increased by more than 60% and earlier today briefly surpassed $1,600. It currently stands at $1,520, but daily, it's still in the black. Solana is also, and it now trades at $45 after rising by 3%. BNB, Ripple, and Avalanche, on the other hand, are marginally in the red.
ETH, NEAR, SAND, APE, and Flow stand out as the most outstanding performers among the lower- and mid-cap alternative stocks. The market capitalization of cryptocurrencies has remained above $1 trillion despite recent gains of more than $100 billion.
Grayscale cautioned that the present bear market might persist for eight months despite the recent price increases. According to CryptoQuant statistics, miners may soon capitulate, which might cause further short-term decreases in the price of bitcoin. Do you think altcoins in the future will peak better than bitcoin? Let's know what you think in the comment section.
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