{"id":7019,"date":"2022-09-09T17:27:59","date_gmt":"2022-09-09T17:27:59","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7019"},"modified":"2022-09-09T17:27:59","modified_gmt":"2022-09-09T17:27:59","slug":"bitcoin-breaks-past-21000-inspiring-market-wide-rally","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7019","title":{"rendered":"Bitcoin Breaks Past $21,000, Inspiring Market-Wide Rally"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>Bitcoin has broken $21,000 after sitting below $20,000 earlier this week.<br \/>\nThe surge has helped the crypto market bounce back to life.<br \/>\nThe dollar&#8217;s recent decline may explain the rally. <\/p>\n<p>Share this article<\/p>\n<p>The latest Bitcoin rally has helped several other tokens post double-digit gains over the past 24 hours.\u00a0<\/p>\n<h2><strong>Bitcoin Bounces Back\u00a0<\/strong><\/h2>\n<p>Bitcoin is showing strength for the first time in weeks.\u00a0<\/p>\n<p>According to CoinGecko data, the top cryptocurrency has risen 10.1% on the day. It\u2019s trading at about $21,030 at press time breaking through the crucial psychological $20,000 level it has remained trapped beneath since the start of the week. Though there\u2019s no clear catalyst behind Bitcoin\u2019s bullish move, a declining dollar and rising equities may be responsible. <\/p>\n<p>Notably, Bitcoin has outpaced Ethereum to the upside despite losing ground to the second-ranked crypto asset since mid-July. After the Ethereum to Bitcoin ratio reached a 2022 high of 0.085 earlier this week, ETH has lagged behind BTC in the recent surge. ETH is currently trading at $1,723, up 6.5% today.\u00a0<\/p>\n<p>The top crypto is leading the way despite anticipation for Ethereum\u2019s highly-anticipated \u201cMerge\u201d to Proof-of-Stake hitting a fever pitch. Bitcoin\u2019s dominance over the global cryptocurrency market capitalization has rebounded from historical support at around 39%, hinting that further gains against Ethereum could be in the cards. According to TradingView data, BTC.D currently sits at just over 40%.\u00a0<\/p>\n<p><em>BTC.D chart (Source: TradingView)<\/em><\/p>\n<p>Bitcoin\u2019s show of strength appears to have inspired a rally across the broader market. Cosmos\u2019 ATOM token is one of the biggest winners over the last 24 hours, rising more than 22%. While Bitcoin\u2019s surge may have sparked interest in ATOM, the upcoming ATOM 2.0 announcement scheduled for the Cosmoverse conference later this month could also be fueling enthusiasm for the project. Among other improvements, ATOM 2.0 is slated to include adjustments to the project\u2019s tokenomics, such as a reduction in inflation.\u00a0<\/p>\n<p>Other Cosmos ecosystem projects also appear to be benefitting from the market impulse. Osmosis, a decentralized exchange built using the Cosmos software developer kit, has gained 17.3%. Evmos, a blockchain that links the Cosmos ecosystem with other Ethereum-compatible chains, is up 9.6%.\u00a0<\/p>\n<p>Besides Bitcoin and the Cosmos ecosystem, Layer 1 blockchains Solana and Cardano have respectively put in gains of 6.5% and 5%. Even older crypto projects that have struggled under the weight of recent bearish macroeconomic conditions have managed to catch a bid. Filecoin and Zcash, for instance, have both posted double-digit gains. <\/p>\n<p>The Dollar Currency Index hit a local high of 110.7 Wednesday, though the dollar has weakened throughout the second half of the week.\u00a0Demand for the greenback decreased Thursday following the European Central Bank\u2019s decision to raise interest rates by 75 basis points, helping shore up the euro. The dollar\u2019s drawdown has provided relief for risk-on assets like cryptocurrencies and U.S. equities, which may explain Bitcoin\u2019s rapid surge.\u00a0<\/p>\n<p><em>Disclosure: At the time of writing this piece, the author owned ETH, BTC, and several other cryptocurrencies.\u00a0<\/em><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/bitcoin-breaks-past-21000-inspiring-market-wide-rally\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Bitcoin has broken $21,000 after sitting below $20,000 earlier this week. The surge has helped the crypto market bounce back to life. The dollar&#8217;s recent decline may explain the rally. Share this article The latest Bitcoin rally has helped several other tokens post double-digit gains over the past 24 hours.\u00a0 Bitcoin Bounces Back\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-7019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7019"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7019\/revisions"}],"predecessor-version":[{"id":7021,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7019\/revisions\/7021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7020"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}