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After a Severe Dip in a Strong Dollar, Bitcoin and Ethereum Are Enjoying Support

After a Severe Dip in a Strong Dollar, Bitcoin and Ethereum Are Enjoying Support

Bitcoin is presently trading above the US$19,000 support level after losing ground as a result of a strengthening US Dollar. The price of Ethereum recovered even further since bulls added 7.5%, breaking the US$1,600 support level.

There is a “cup and handle” pattern in the graph, and traders are debating whether the trend will go up or sideways. Ethereum’s recovery was even greater since bulls added 7.5%, breaking the US$1,600 support level.

While the overall cryptocurrency markets are still below the critical US$1 trillion mark, the strong price movement in the altcoin market is promising. With a market capitalization of US$45 billion, Binance’s BNB Coin grew 5.5%, while Solana grew 4.6%.

 

Several users on Twitter noted that Bitcoin had lost its dominance of the bear market for the first time.

How Are Other Cryptocurrencies Doing?

Among meme currencies, Dogecoin (DOGE) is currently valued at US$8.1 billion, up 3.3% this morning, while Shiba Inu (SHIB) is valued at US$6.8 billion, up 2.2%.

Chainlink, an oracle network worth US$3.5 billion, also did well, gaining 7%. The Terra Classic (LUNC) crypto-asset is determined to rise from the ashes following its collapse in May. In just the last day, the coin has increased by 43% following an airdrop rewards program and further backing from major digital asset exchanges.

This morning, the Binance-based decentralized exchange SushiSwap, Compound Finance, and Curve were among the top movers in the decentralized finance (DeFi) market. SushiSwap increased its market valuation by double digits. Currently, the DeFi market is locked at US$58.2 billion in total value. Hackers have taken the USDC stablecoin from Nereus Finance, an Avalanche-based lending platform, for over US$370,000. 

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