On Monday, July 18, quotes for the first cryptocurrency surpassed $22,000. The market capitalization surpassed US$1 trillion. On the last day, the asset grew 4%, according to CoinGecko.
At the time of this data release, Bitcoin is trading at level close to $22,200.
The second largest cryptocurrency by capitalization added 6.6% in the last day. Ethereum is currently above $1450.
Following the publication of the US inflation report on July 13, the price of bitcoin fell below $19,000, but last week the asset recovered from the decline and on July 17 surpassed the $21,000 threshold.
On the same day, Ethereum quotes tested a range above $1,400 amid the upcoming blockchain migration to the Proof-of-Stake (PoS) consensus algorithm.
Previously, the main developers during the next call provisionally approved the merger of the main network with the Beacon Chain signaling network on September 19, 2022. The final date will largely depend on the transition to PoS of the Goerli test network, scheduled for 11 of August. Recall that the second quarter of 2022 was the worst for digital gold in 11 years, according to Coinglass.
The asset was down 56.2% from $45,000 to $19,884. According to Galaxy Digital chief Mike Novogratz, the downturn in the cryptocurrency market will last about another 18 months, and the industry will see the first signs of recovery following the Fed’s easing of monetary policy.
Investor Michael Burry, who predicted the 2007 mortgage crisis, predicted a continued drop in the price of bitcoin. Most investors surveyed by Bloomberg considered it more likely that the first cryptocurrency would drop to $10,000 rather than rise to $30,000.