Bitcoin, the largest cryptocurrency on the market, reached a two week high Friday morning. It outperformed most other top tokens. Bitcoin (BTC), surged 8.26% on Friday to surpass the psychological $20,000 mark and lead the wider crypto market’s recovery.
The market’s largest cryptocurrency dropped to $18,644 Wednesday. It was trading mostly between $19 200 and $19 300 yesterday.
However, today’s breakout pushed the price for Bitcoin up to \$20,808 at press time. This level was not seen since August 26, according data from CoinMarketCap.
Bullish price action also contributed to the propelling the cumulative market capitalization all cryptocurrencies back over the \$1 trillion mark. Bitcoin currently dominates 38.5%.
Ethereum has surged 5.2% in the past 24 hours, and is currently trading at \$1.706 per CoinMarketCap.
This is similar to Bitcoin. It is also a two-week high. The market’s second largest cryptocurrency is currently in the final stages to prepare for the historic merge event. This will see the network switch from its current proof-of-work consensus algorithm to a less-energy-intensive proof-of-stake model (PoS).
Polkadot and Solana also show signs of growth
Solana has been the most-performing asset in the market. The price of the token rose 9.3% in the past 24 hours, hitting a daily high at $35.66.
Polkadot is enjoying a similar run. The 10th largest asset, which is worth $7.80, is up 9.6%.
Cosmos and Link have posted double-digit gains, up 22.9% and 12.5% respectively.
The European Central Bank’s decisionto raise eurozone interest rates by record 75 basis points is a hot follower of today’s market recovery. This was the second consecutive rate increase from July.
Jerome Powell, Federal Reserve Chair, stated on Thursday that he was “strongly dedicated” towards fighting inflation. This means there will likely be more interest increases in the future.
The ECB’s actions accompanied Powell’s comments and saw the euro jump sharply to $1.0070, up from $0.9960 at yesterday’s closing. Due to the weakness of the U.S. Dollar, Asian stock markets also performed well Friday morning. The Hang Seng Index in Hong Kong was up 2.69% at this writing.
