You wake up in the morning and you see that the tokens in your crypto portfolio have gone up in value overnight.
There is an instant surge of happiness, but one thing is bugging you – why is crypto up today?
With Bitcoin’s price increasing by 7% in the last 24 hours and various others altcoins exceeding, this is the question that has been on everyone’s mind today.
Does this mean that the crypto bear market is finally over?
Well, not exactly, but we’re slowly getting there.
The fact is that there is simply too much happening right now in the market – Terra going through a black swan event, Three Arrows Capital announcing that they’re heading into liquidation, and Celsius filing for bankruptcy.
Additionally, Bitcoin is still far from its all-time price in November ($69,000), and the various macroeconomic issues and inflation around the world aren’t helping either.
While all of this may sound a bit worrisome, you can also look at it as the ideal timing to capture high-quality cryptos for a lower price.
In this article, we’ll go over the exact reasons why crypto is up today.
Why is Crypto up Today? Detailed Analysis
As we said, seeing that the value of your crypto portfolio has gone up is great.
But, if you don’t analyze the factors that led to the increase and try to understand the current market situation, you might be setting yourself up for failure in the long run.
Bitcoin is non-arguably the most important crypto in the market, which is why it doesn’t come as a surprise that 99% of analysts focus on its price the most.
As of July 20th, Bitcoin is trading at a price of $23,845 per token, which is a near 2% increase today and a 7% increase over the last 24 hours.
More good news comes related to the total crypto market cap. It exceeded the $1 trillion mark again ($1.05 trillion) which is around 65% less than the all-time high of $3 trillion in November 2021.
While this number still isn’t high ‘enough’, it’s great news from a psychological perspective.
Other cryptocurrencies that are listed on leading exchanges such as eToro have also been outperforming in the last 24 hours.
This includes Dogecoin (7.7% increase), Polymath (8.9% increase), DYDX (12.8% increase), and My Neighbor Alice (7.3% increase).
Polygon (MATIC) hasn’t shown much improvement in the last few days, but it’s still one of the top performers in the last month. It recorded a 300% price increase from June ($0.31) and is now valued at $0.98 per token, making it one of the best crypto to buy in this bear market.
Ethereum 2.0 also had its fair share of troubles, but with Ethereum 2.0 version coming up in the following months, things seem to be going for the better.
Today, ETH went up 2.9% and it has been achieving good results throughout the entire week. Earlier this year, it had a devastating fall to $881 but is now back at the $1,600 mark (80% increase).
One of the many reasons why crypto went up today could be the combination of the ETH merge excitement and Polygon announcing a new Layer-2 network that will be compatible with Ethereum.
Another reason could be the massive Twitter hype caused by some of the leading crypto experts in the industry.
For instance, @SmartContracter (Bluntz), the man who anticipated the Bitcoin fall in early 2018, posted a tweet saying “the time to be bearish has come to an end”.
He conducted a technical analysis that was partially based on the week moving average of Ethereum and its recovery. Also, he projected that Bitcoin would build on ETH’s success, which turned out true.
Lastly, there was a statement from Ben Armstrong (BitBoy Crypto) in which he said that the market is still bearish at a $20k mark.
His tweets are often used as counter-indicators by experienced investors.