Over the last few days, the crypto market has been moving calmly, with Bitcoin (BTC) and other cryptocurrencies consolidating near their recent highs, which historically precedes periods of increased volatility.
Bitcoin’s price is $44,468 at the time of publishing, down 1.50% in the previous 24 hours and 1.87% in the last week, with a market dominance of 43.8%, according to CoinMarketCap statistics.
As of August 5, Bitcoin reached the important $40,000 barrier, which was essential for the digital asset to remain above this crucial level of support that it has held for more than two weeks now.
Moreover, Bitcoin, the world’s largest and most well-known cryptocurrency, is up over 54% this year (year-to-date) compared with a 19% return for the S&P 500 and a 30% return in commodities over the same period.
Indeed, on-chain Bitcoin metrics indicate that the bull market may continue with further whale accumulation and anticipated institutional investment.
With that being said, crypto analyst, Michaël van de Poppe sees Bitcoin heading to $200,000 in a recent tweet displaying Bitcoins consolidation.
Global crypto market
Currently, the global market capitalization is $1.91 trillion, down 0.49% from yesterday. Specifically, $109B worth of crypto has been traded in the previous 24 hours. That’s a drop of 13.56%, while the current DeFi volume is $17.72B, or 16.24% of the 24-hour crypto market volume.
Cardano (ADA) dealing at $2.12, up 6.20% in the past 24 hours, and Solana (SOL) trading at $71.75, up 4.98 percent on the day and up 73.62% in the last week, both have underlying projects that are continuing their development, have managed to increase their gains in the market on Thursday.
In fact, as one of the most highly awaited events in the crypto calendar, Cardano’s Alonzo mainnet hard fork on Sept. 12 is projected to enable ADA to compete with Ethereum; this will allow users to run smart contracts on the network to address one of the asset’s most significant weaknesses.
Meanwhile, the NFTs “Degenerate Ape Academy” collection, which sold out in eight minutes on the NFT platform Solanart, helped raise $2.5 million and helped the price of Solana to surge.
The scalability of the Solana network was tested when the Degenerate Ape experiment generated a rapid increase in demand, resulting in a two-week market value doubling for the coin.
Worldwide crypto adoption
Furthermore, based on the 2021 Global Crypto Adoption Index by blockchain analytics platform Chainalysis, worldwide crypto adoption rose by 880 percent between June 2020 and July 2021.
In terms of crypto adoption worldwide, India comes in second after Vietnam, but ahead of nations like the United States, United Kingdom, and China as per the research.
Whatsmore, Chainalysis, when detailing what will be the next drive for a wave of crypto adoption, stated:
“Our data shows that growing transaction volume for centralized services and the explosive growth of DeFi are driving cryptocurrency usage in the developed world and in countries that already had substantial adoption, while P2P platforms are driving new adoption in emerging markets.”
Also, trading revenue at Robinhood Markets Inc., which specializes in digital assets like Bitcoin, surged in the second quarter.
According to its first financial report as a public business, the California-based brokerage produced $233 million in crypto-trading income during the first quarter, an increase of 4,560 percent over the $5 million it generated a year before.