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.
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.
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally
- Digital Asset Investment Products Saw Net Outflows of USD 423 Million Last Week, Sell on Rise?
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000