After going down a downward path for weeks, the crypto market and Bitcoin have suddenly entered a different phase. The past few days have proved favorable for prices in the market. Almost all crypto assets are making impressive moves north.
For the primary cryptocurrency, the steps to recover value are commendable. Bitcoin has reached the $20,000 region as it made more profits. In addition, the token finally closed a daily candle above the critical level.
Also, the altcoins are making significant progress with positive moves during the trading hours of the past few days.
Bitcoin Closes Daily Candle Above $20K
The $20K is one of the critical levels for Bitcoin. In recent weeks, BTC has fallen below this figure due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually declining its value this week.
Bitcoin has finally closed a daily candle above $20,000 for the first time since September 17. This new achievement positively bolsters the token, fluctuating between $18,000 and $24,000 for several months. In addition, this new position is the highest daily close for BTC in nearly 24 days.
This recent price move has stirred many participants in the crypto space. Many are looking at the sustainability of BTC at this level.
At the time of writing, BTC is trading around USD 20,247, indicating a 0.44% gain in the past 24 hours. The market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins is around 40.19%, up 0.23% in the past day.
Most Altcoins achieved with GMX as top performer
The broader crypto market is also feeling the bullish trend. The altcoin has shown positive value recovery in recent days.
Most altcoins are in the green, although some have failed to show a huge appreciation in the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) lead the way. They recorded about 6.2% and 3.6% gains in the values.
GMX, the native token of the GMX cryptocurrency, turned out to be the best among the altcoins in the past 24 hours. The token amassed more than 30% gain in value. It trades at approximately $55.27 at the time of publication.
GMX’s performance may be related to the recent Announcement from Binance to place the token in its innovative zone. However, EVMOS emerged as the biggest loser. The cryptocurrency lost more than 4% in the past day.
The impressive outplay of all cryptocurrencies pushed the cumulative market cap to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.
Featured image from Pixabay and TradingView.com
