BITCOIN, ETHEREUM AND ALTCOIN RALLY CARRY TOTAL CRYPTOCURRENCY MARKET VALUE
Bitcoin, Ethereum and altcoin rally takes total cryptocurrency market capitalization back to $1 trillion mark
Cryptocurrency market capitalization has surpassed $1 trillion after notable double-digit weekly gains by BTC, ETH, and several large-cap altcoins.
Cryptocurrency traders found cause for celebration on July 18, when the total market value surpassed the $1 trillion mark again after weeks in the red after the price of Bitcoin (BTC) hit yearly lows below $18,000.
The green day for cryptocurrency largely follows a positive day in traditional markets, which rose modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27.
Daily performance of the cryptocurrency market. Source: Coin360
While traders are happy with today’s positive price action, many analysts are warning that the rally is nothing more than a bear market rally. Let’s take a look at the tokens that rose the most on the day.
Bitcoin secures a 16% gain
Data from Cointelegraph Markets Pro and TradingView show that over the past week Bitcoin has risen significantly, and at the moment BTC is up 16% weekly from its recent low of $18,907.
BTC/USDT 1-day candlestick chart. Source: TradingView
The leading cryptocurrency is now at the resistance of its 200-week moving average, which is also the upper limit of the trading range in which BTC has been stuck since mid-June.
This level has proven to be a significant hurdle over the past 5 weeks, as several attempts to overcome it have resulted in setbacks. It remains to be seen whether Bitcoin will be able to break out of that level and move up or spend more time trading between $19,000 and $22,000.
Ethereum’s merger wait shows a 43% increase
Ethereum (ETH) has also experienced a price boost over the past week, rising 43% from a low of USD 1,005 on July 13 to a daily high of USD 1,530 on July 18, its highest price since June 12.
1-day ETH/USDT candlestick chart. Source: TradingView
Ether has shown increasing momentum since the successful completion of the Sepolia test network merger on July 6. A further boost to its listing was given on July 15, when it was announced that the mainnet merger will take place on September 19.
While the September 19 date is still tentative and should be considered a roadmap projection rather than a fixed date, the prospect of the merger finally occurring after years of preparation is exciting the community and possibly boosting Ether demand.
The price of MATIC continues to rise
On the altcoins front, Polygon (MATIC) continues to lead the pack after a week of several big announcements, including selection to participate in Disney’s 2022 Accelerator Program, gaining 32.4% over the past 24 hours and trading near resistance at $0.94.
1-day MATIC/USDT candlestick chart. Source: TradingView
Other tokens that rose significantly on the 24-hour chart are STEPN (GMT) up 19.6%, Theta Fuel (TFUEL) up 18.9% and Convex Finance (CVX) up 17.6%.
The total market capitalization of the cryptocurrency market currently stands at $1.019 trillion and Bitcoin’s dominance rate is 41.6%.