After weeks of being plagued by bearish trading, uncertainty, and volatility, things are finally looking up for the majority of the cryptocurrency market, whose total capitalisation has already managed to reclaim the $1 trillion mark and continues to push on.
Specifically, the global crypto market cap has increased by about 4.39% throughout the past 24 hours, up from about $977 billion, to the current $1.02 trillion, according to CoinMarketCap data retrieved on July 18.
The entire cryptocurrency market has recorded increases in tandem with the price of Bitcoin (BTC), as nearly all of the top 20 digital currencies by market cap were trading in the green at the time of publication.
Indeed, this push, which has seen Polygon (MATIC) growing 15.71%, Ethereum (ETH) 7.60%, and Solana (SOL) 4.99% on the day, has also led to the market’s flagship asset Bitcoin gaining 4.12% and climbing well past $22,000.
Leading the crypto market gains out of the top 100 digital assets this week is Theta Fuel (TFUEL), which at press time was trading at $0.06504, up 32.74% across the previous seven days, and 23.45% on the day.
Recovery despite high-profile bankruptcies
As it happens, the welcome respite has arrived in the midst of a liquidity loss that has seen growing fear on the market and panic selling during the past week, all under the influence of the rising global inflation and high-profile crypto entities filing for bankruptcy.
These have included crypto lending platform Celsius which stopped withdrawals in June due to the crypto market crash and then went bankrupt, along with crypto broker Voyager Digital and crypto hedge fund Three Arrows Capital (3AC).
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