Bitcoin price soared to $22,000, while altcoins are dropping

  • Bitcoin recently made a sudden price hike, exceeding $22,000.
  • Major cryptocurrencies have seen price drops in the past 24 hours.

After dropping around $18,000 in the previous week, the market-dominating Bitcoin (BTC) is now experiencing positive momentum in the global cryptocurrency market. Over the past 24 hours, Bitcoin has experienced a massive price growth, posting more than $22,000. However, over the past few days, the price of Bitcoin has been constantly rising and falling.

CEO of ModreksIdol Patel recently stated:

If the price of BTC can close above its current level at $21,700, we could soon see a rally towards the $24,000 level this week. But if it fails to breach this area, we may see it retest the $20,700 level.

At the time of writing, Bitcoin is trading around $21,759.54 with a 24-hour trading volume of $40,234,039,619. BTC is up about 0.83% in the past 24 hours, according to CMC.

BTC price chart (Source: CMC)

The sudden collapse of the alternative currency

Currently, the global crypto market is showing a bearish signal. Apart from Bitcoin, the major cryptocurrencies have started to experience a sudden drop in the last 24 hours. The second major coin, Ethereum (ETH) is currently trading at around $1,730.26. ETH fell about 1.94% the previous day.

Other leading cryptocurrencies are also experiencing a rapid decline. according to CMCBinance Coin (0.40%), XRP (1.04%), Cardano (1.57%), Solana (0.15%), Polkadot (1.24%), Dogecoin (1.52%), Polygon (2.15%), Shiba Inu (0.38%) You have reported a crash within the last 24 hours.

In addition, major stablecoins such as Tether (0.00%) and Binance USD (0.03%) also declined. However, the US dollar has gained 0.03% in the last 24 hours.

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