Crypto market adds over $140 billion in a day

Crypto market adds over $140 billion in a day
11 months ago
3 mins read

The price of Bitcoin has surpassed $43,000, while the price of Ethereum has climbed by 24% in a week, pushing the whole crypto market capitalization to $1.8 trillion, a gain of almost $140 billion in only 24 hours.

Yesterday Finbold reported that Bitcoin is trading above its 100-day simple moving average. More gains would open the door for a near-term advance towards the $42,500 resistance zone, which Bitcoin has cruised past as bulls look to push BTC to the significant $50,000 level.

To be more specific, the world’s leading digital asset by market cap is up more than 7.06% in the previous 24 hours and 4.41% in the last week; its current price is $43,670. Furthermore, according to CoinMarketCap.com statistics, Bitcoin’s total market domination is 45.93%, up 0.02% from the previous day.

Bitcoin seven-day price chart. Source: CoinMarketCap.com

On-chain analyst Will Clemente believes “the number of new users coming on the Bitcoin network continues to reach new all-time highs.”

Despite the fact that Bitcoin’s price had remained between the $30,000-$40,000 range for some time, the network continued to grow. With each new individual, the network expands endlessly. As a result, the value of the network increases by the same amount resulting in the “network effect.”

Ethereum surges past $3,000

The “London” hard fork of Ethereum, the technology that underpins the ether cryptocurrency, was upgraded on the 5th of August. The digital ledger update – and the world’s second-largest cryptocurrency – changes the calculation of transaction fees.

Every portion of the transaction fee is then burned or withdrawn from circulation, reducing the amount of ether in circulation and potentially raising its price. 

Ethereum is currently trading at $3,013, up 8.81% on the day and 24% in the last week. Ethereum had been surging in the build-up to its update and continued its bullish momentum following Bitcoin. As Ethereum gains market dominance, the asset will be more likely to climb at its own speed rather than following bitcoin’s market patterns.

Global market cap

The worldwide crypto market value is now $1.8 trillion, up 8.52 % from the previous day. 

Global crypto market seven-day price chart. Source: CoinMarketCap.com

The entire crypto market volume over the previous 24 hours has increased by 9.62% to $110.96 billion. The overall volume in DeFi is presently at $12 billion, accounting for 10.87% of the entire 24-hour volume in the crypto market.

Market analyst Michaël van de Poppe stated earlier: “The total crypto market capitalization is still facing resistance.”

However, with the value at $1.79 trillion, van de Poppe later tweeted after breaking past this resistance, “Good morning in this new bull market.”

Meanwhile, Cardano (ADA) is currently changing hands at $1.46, up 6.00% in the last 24 hours and 11.15% in the week, while popular memecoin Dogecoin (DOGE) is at the time of publishing trading at $0.228, up 13.80% in just a day and 9.87% in the last week.

Read more cryptocurrency news.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.