Crypto market Rallies Past $1.75 Trillion, Bitcoin (BTC) and Top Ten Altcoins Gain 7-10%

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Just as we enter the weekend, the overall cryptocurrency market has entered a strong rally gaining 7% in the last 24-hours by adding $100 billion. For the first time since mid-June 2021, the crypto market cap has shot past $1.75 trillion. 

Bitcoin (BTC) and almost all of the top ten altcoins have clocked 7-10% gains. As of press time, Bitcoin (BTC) is trading 7.67% at a price of $43,539 and a market cap of $817 billion. 

Just in the last three days, Bitcoin has gained more nearly 20% as it yes its next move to $50,000 and above. However, for this to happen, BTC must break past its crucial resistance of $44,800 which is also the 200-day moving average for the world’s largest cryptocurrency. 

Bitcoin whales have continued with their accumulation over the last few months despite the falling prices. As on-chain data provider Sentiment reports, Bitcoin’s ‘Millionaire Tier’ whale addresses holding between 100-10,000 BTC nearly hold 50% of the total Bitcoin supply. 

Courtesy: Santiment

Ethereum (ETH) Leads the Altcoin Party

Etheruem (ETH) has been leading the crypto market rally recently. The world’s second-largest cryptocurrency has gained another 7% rallying all the way to $3000. At present, the crowd sentiment for Ethereum is overwhelming and much higher than that of Bitcoin. 

The ETH price rally comes as the Ethereum blockchain network undergoes the London hardfork ahead this week on Thursday, August 5. The London hardfork brings the EIP-1559 implementation that changes the core fee structure of the Ethereum blockchain network by introducing the “base fee”. It helps to considerably reduce the transaction costs making the Ethereum blockchain deflationary over time. 

The overall altcoin pace has added $50 billion to the crypto market in today’s market rally. Here’s a snapshot of how other top ten altcoins are doing:

  • Binance Coin (BNB), XRP  and Cardano (ADA) each are up by 4% as of press time. 
  • Dogecoin (DOGE) has gained 6.8% moving past crucial resistance of $0.20. 
  • Polkadot (DOT) has gained 11% and currently trading at $21. 
  • DeX token Uniswap (UNI) is trading 6.32% up at a price of $26.76. 

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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