The crypto markets saw a strong boost today, coinciding with a softening of the US dollar.<\/p>\n
Bitcoin sailed comfortably past US$20,000 for the first time in three weeks, encouraged by a riskier investor appetite, S&P 500 momentum, and large-scale liquidations of short BTC positions.<\/p>\n
Ethereum rallied some 11%, extending past the US$1,500 price point for the first time since mid-September and before The Merge.<\/p>\n
Ether has cut back to US$1,497 in the more recent hours though, so speculation of a bear trap should be taken into consideration.<\/p>\n
The crypto markets as a whole are sitting at a monthly high of US$980.9bn.<\/p>\n All large-cap altcoins joined in on the action, particularly Cardano (ADA), which led the pack with a 12.5% rally to bring its market cap close to US$14bn.<\/p>\n Polkadot (DOT), Solana (SOL) and Avalanche (AVAX) all added nearly 10% each.<\/p>\n Dogecoin (DOGE) was also among the top daily movers, having added 10.3%, potentially due to the recent rally on Dogechain, the new blockchain developed with DOGE in mind.<\/p>\n But the day\u2019s biggest winner so far is the Telegram-affiliated blockchain Toncoin (TON).<\/p>\n Toncoin spiked over 18%, bringing its valuation up to US$2.21bn.<\/p>\n All decentralised finance (DeFi) tokens are up, with Lido, Synthetic and Convext Finance all posting double-digital gains.<\/p>\n The US$5bn decentralised exchange Uniswap (UNI) rose over 8% while Curve added around 7.5%. \u00a0<\/p>\n<\/div>\n![\"Ether](\"https:\/\/cdn.proactiveinvestors.com\/CKEditor\/2022\/299\/eth.png\")
\nEther (ETH) spikes\u2026 But is it a bear trap? \u2013 Source: currency.com<\/strong><\/p>\n
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