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