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Bitcoin Reclaims Key $20,000 Mark Amid Crypto Market Rebound

Bitcoin Reclaims Key $20,000 Mark Amid Crypto Market Rebound

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Bitcoin (BTC) rallied 8.26% early on Friday to breach the psychological $20,000 level and lead a rally in the broader crypto market.

The industry’s largest cryptocurrency fell as low as $18,644 on Wednesday and traded mostly between $19,200 and $19,300 yesterday.

However, today’s breakout pushed the price of Bitcoin to $20,808 as of press time, a level not seen since August 26, according to data from CoinMarketCap.

The bullish price action also helped push the cumulative market cap of all cryptocurrencies back above the $1 trillion mark, with Bitcoin currently commanding 38.5 percent of the market.

Ethereum (ETH) has gained 5.2% in the last 24 hours and is currently changing hands at $1,706 per CoinMarketCap.

Like Bitcoin, this is a two-week high for the market’s second-largest cryptocurrency, which is now in its final stages of preparation for a historic merger event where the network will transition from the current one. proof of work (PoW) consensus algorithm for less energy to consume proof of contribution (PoS) model.

Solana and Polkadots made solid gains

In other markets, Solana (SOL) has been the best-performing asset among the top 10 cryptocurrencies, with the token rising 9.3% in the last 24 hours to reach a daily high of $35.66.

polka dot pattern ( DOT ) is having an equally impressive run — the 10th largest asset is up 9.6% on the day and is changing hands at $7.80.

Outside the top ten Cosmos (ATOM) and Chain link (LINK) have both posted double-digit gains – 22.9% and 12.5% ​​on the day.

Today’s market rally is coming hot on the heels of the European Central Bank’s decision to raise euro zone interest rates by a record 75 basis points, the second consecutive hike since July.

Federal Reserve Chairman Jerome Powell, meanwhile, said Thursday that he is “strongly committed” to fighting inflation, meaning more rate hikes are likely on the horizon.

Combined with Powell’s comments, the ECB’s moves sent the euro soaring to $1.0070 from yesterday’s close of $0.9960. Asian stock markets also performed well on Friday morning thanks to the weakening of the US dollar. At the time of writing, Hong Kong’s Hang Seng was up 2.69%.

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