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Bitcoin above $ 22,000 leads to higher crypto altcoin leads

Smaller, lesser-known digital tokens, commonly referred to as altcoin, have brought about a rise in cryptocurrencies, with Bitcoin heading for $ 23,000.

Ether, the second largest digital currency, surged 10.7% in Asia on Tuesday. Solana added 13% and Polkadot added about 7%. At one point Bitcoin rose 6.8% and was trading at $ 22,880 in Tokyo as of 9:15 am.

Ethereum is extending the rally that began last week after the developers of the Ethereum blockchain have given the target of long-awaited software updates that are expected to reduce the energy usage of the network.

Traders are paying close attention to the signs that Bitcoin is breaking out of the recent pattern of fluctuations between $ 19,000 and $ 22,000.

Since mid-June, when news that cryptocurrency lender Celsius Network has frozen its withdrawal has triggered new panic selling, tokens have not been traded consistently beyond that range. Virtual coins were struck in May after the collapse of TerraUSD stablecoins.

“Bitcoin has regained the $ 22,000 level as some shortsellers need to call it quit,” wrote Edward Moya, senior market analyst at Oanda Corporation. Cryptography is beginning to look attractive, and expectations for the Fed’s tightening have eased, he added.

Altcoin is often above Bitcoin during rallies and below when prices are falling. This is partly because it is a favorite of speculative traders and tends to be illiquid.

read: Cryptographic trading volume fell to its lowest level since 2020 in June

https://gulfbusiness.com/crypto-altcoins-lead-push-higher-as-bitcoin-jumps-above-22000/ Bitcoin above $ 22,000 leads to higher crypto altcoin leads

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