Cryptocurrency prices today rally as Bitcoin jumps above $22,000, altcoins lead

A rally in cryptocurrencies on Tuesday took Bitcoin closer to breaking out of a one-month-old trading range and ignited big jumps in smaller tokens commonly referred to as altcoins. Bitcoin price today was trading at $22,107, up more than 4%. 

The global cryptocurrency market cap today was back above the $1 trillion mark, as it was up more than 5% in the last 24 hours to $1.06 trillion, as per CoinGecko.

“Bitcoin traded above the US$22,000 level, gaining 5% over the previous day. If price can fix at that level, we may see a further upward move. However, on the other side, Ethereum outperformed the crypto market. This peak comes following Ethereum’s six consecutive days of higher highs taking the price above US$1,500 level showing great strength and recovery of the asset. If bulls can sustain the momentum, Ethereum could reach the US$2,000 mark very soon. If not, we can expect a retracement,” said Edul Patel, CEO and co-founder of global Crypto investing platform Mudrex.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose more than 9% to $1,527. Meanwhile, dogecoin price today was trading nearly 3% higher at $0.06 whereas Shiba Inu rose over 5% to $0.000012.

Other crypto prices' today performance also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon, Uniswap, Tether prices were trading with gains over the last 24 hours.

Spot trading volumes across all centralised crypto exchanges world wide slumped 27.5% month-on-month in June to $1.41 trillion, the lowest on record since December 2020, according to a report by digital asset data provider CryptoCompare.

The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants. 

Bitcoin has struggled to escape a $19,000 to $22,000 range as investors lick their wounds from a rout sparked by tightening monetary policy and exacerbated by the toppling of crypto lenders and the TerraUSD stablecoin. The world's largest token has struggled since hitting a high near $69,000 in November.

(With inputs from agencies)