Bitcoin Rally As Altcoins Turn Green, Pushes Market Above $1 Trillion Threshold

Following strong weekly double-digit gains from Bitcoin and a number of big-cap altcoins, the cryptocurrency market capitalization surpassed $1 trillion. $1 Trillion Market Crossed Again For the first time since June 13, a significant gain on Monday in both bitcoin and ether helped lift the market worth of cryptocurrencies back beyond the $1 trillion level. The largest cryptocurrency has reached its highest prices since a selloff in mid-June brought the price of bitcoin down from $30,000 to as low as $18,000, rising 5% in the last 24 hours to $22,300. During the late 2017 bull market surge for bitcoin, that same level served as a strong region of resistance, and in technical analysis, old resistance typically turns into new support (and vice versa). Crypto market cap above $1 trillion threshold. Source: TradingView For cryptocurrency investors, Monday’s profits should come as a relief after the preceding nine months have seen them endure a terrible bear market. As a result of the prolonged bear market in cryptocurrencies, $2 trillion in market value has been lost, and several crypto companies, including Celsius, Voyager Digital, and Three Arrows Capital, have gone bankrupt. Despite analyst predictions that the Federal Reserve would increase interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27, the traditional markets are mildly higher on the day that cryptocurrencies are gene...