Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard
The digital currency economy is steadily approaching a $300 billion market capitalization, as a great number of coins have been seeing decent gains. Bitcoin touched a high of $10,135 on July 26, during the early morning trading sessions, but ethereum is outpacing the top crypto measured by market valuation.
At the time of writing, the crypto economy is a force to be reckoned with as a number of digital assets have grown more valuable this week. Bitcoin (BTC) is hovering between $9,900 and $9,950 during the course of the late afternoon (ET) trading sessions.
BTC is up over 2.3% today and BTC’s overall market cap is just above the $182.6 billion mark. Despite the higher price, BTC’s dominance ratio is lower than it’s been since June 2019 at 61%.
BTC did touch five figures on Sunday, a price observers had not seen since the first week of June. Ethereum has been outperforming BTC by a longshot as the coin is now trading for $307 per coin.
ETH is up 3.6% today and 30% for the week compared to BTC’s 8% seven-day gain. ETH gained 35% during the last 30 days and around 58% over the course of the last 90-days. A number of speculators believe Ethereum’s defi and stablecoin boom is pushing the digital asset’s price to new 2020 levels.
Bitcoin cash (BCH) jumped to the $253 range on Sunday morning but the cryptocurrency is down 0.84% at press time. Bitcoin cash is up 7% for 30 days and 1.7% during the last 90 days. However, for the 12-month time span against the USD, BCH is still down 19% this weekend.
BCH has a market valuation of $4.5 billion from the 18 million BCH in circulation, which represents 1.53% of today’s overall $296 billion crypto market cap. At the time of publication, tether (USDT) captures 61% of today’s BCH trades. This is followed by BTC (17.50%), USD (5.53%), KRW (5.16%), and TWD (3.40%). BCH is getting lots of volume from the New Taiwan dollar (TWD) and ETH pairs represent 1.56%.
Sunday’s top gainers include coins like elysian (ELY 61.02%), datawallet (DXT 40.79%), egretia (EGT 31.50%), elrond (ERD 25.12%), and travala (AVA 25%). The biggest losers today include starbase (STAR -29.16%), zap (ZAP -27.47%) karatgoldcoin (KBC -23.09%), boscoin (BOS -21.54%), and yearnfinance (YFI -21.31%).
The top-performing Simple Ledger Protocol (SLP) tokens today include flexcoin (FLEX 8.4%) and brave sound token (BRST 7.1%) The tokens spice (SPICE -1.6%) and Sideshift.ai’s SLP-token (SAI -0.12%) are both down on Sunday. Overall, most crypto traders are bullish, as crypto assets are outshining gold too, which is above the $1900 zone per Troy ounce of .999 fine gold on Sunday.
ETH touched a high on Sunday not seen in well over a year. However, ETH the second-largest crypto asset by market cap, is still 78% down from the digital currency’s all-time high (ATH). That was three years ago from today, and three years for BTC as well, which is doing better considering BTC is only down 50.5% from its ATH.
What do you think about this week’s cryptocurrency market action? Let us know what you think about this subject in the comments section below.
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