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‘Summer Relief Rally’ Drives Bitcoin to Over 24,300 for First Time in Over 6 Weeks

Bitcoin

www.cryptoglobe.com 29 July 2022 09:44, UTC
  
Reading time: ~2 m

On Friday (July 29), Bitcoin and Ethereum hit $24,339 and $1,747 respectively as what some call the “summer relief rally” managed to drive the crypto market higher (with the total crypto market cap now back above $1 trillion).

According to data by TradingView, on crypto exchange Bitstamp, at 6:41 a.m. UTC on July 29, the Bitcoin price hit $24,339, which is (so far) today’s intraday high and the first time that the $BTC price has been this high since June 13. Currently (as of 8:10 a.m. UTC on July 29), Bitcoin is trading around $23,831, 4.13% in the past 24-hour period.

Source: TradingView

As for Ethereum, the $ETH price hit $1,747 at 6:36 a.m. UTC on July 29. Currently (as of 8:12 a.m. UTC on July 29), Etheruem is trading around $1,699, up 5.2% in the past 24-hour period.

Source: TradingView

Amsterdam-based Crypto analyst/trader Michaël van de Poppe tweeted about the “summer relief rally” yesterday:

#Ethereum $1,700 and #Bitcoin $23,600.

Summer relief rally on fire.

Long your longs! 🔥

— Michaël van de Poppe (@CryptoMichNL) July 28, 2022

The crypto market’s latest rally started approximately one month ago, when Bitcoin was trading $20,093 and Ethereum was trading around $1,099:

Source: Google Finance
Source: Google Finance

In the past one-month period, $BTC and $ETH are up 19.11% and 56.44% vs respectively.

Image Credit

Featured Image by vjkombajn via Pixabay.com


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