Bitcoin surges 25% in July, briefly reclaims $42,000

Bitcoin surges 25% in July, briefly reclaims $42,000

Bitcoin has maintained its recent bullish run, leading to a new 2-month high.

The world’s largest cryptocurrency surpassed the $40,000 benchmark for the first time in over a month after trading around the $33,000 region for several weeks.

Bitcoin bulls appear to have reclaimed the market, forcing the price of Bitcoin up by over $7,000 in the past few days. On Saturday, the bulls pushed the price of Bitcoin to a two-month high of $42,184. This represents Bitcoin’s highest price point since it crashed in mid-May. However, the price of the flagship crypto is currently trading at around $41,700.

Bitcoin’s latest Bull Run has increased its dominance over other cryptocurrencies to 47.4%.

Ethereum is also sitting on gains. According to data on CoinMarketCap, the world’s second-largest crypto recorded a weekly gain of 19.47% and is currently exchanging hands at around $2,576.

Meanwhile, the “Crypto Fear and Greed Index” has now moved to the “greed” region, suggesting that investors are scrambling to increase their Bitcoin stash. Interestingly, the value was in the fear region just last week.

Overall, the total market cap of the entire crypto industry now stands above $1.65 trillion, a first since mid-June.

Read more