As the total crypto market cap reclaims its $1 trillion peak, Bitcoin, Ethereum, and altcoin prices surge.
On July 18, crypto traders found cause for celebration as the total market cap climbed back above the $10 trillion mark following weeks of rampant selling after Bitcoin price swept yearly lows below the $17,000 level.
Cryptocurrencies tend to follow the green days in the traditional markets, but they’re not always correlated.
Cryptocurrency prices are volatile and fluctuate frequently
July 18 was a great day for Bitcoin. Prices rose above $10,000 for the first time since April. However, many analysts warn that the recent rally is nothing more than a pump and dump scheme. Let’s take a closer look at the current top-performing coins.
Bitcoin has gained 16% since last week.
Over the past week, Bitcoin (BTC) has rallied significantly and currently holds a 16% weekly increase from its recent low at around $18,900.
Bitcoin is an innovative payment network and a new kind
Bitcoin is currently trapped between two major resistance levels.
For the past five weeks, Bitcoin has been stuck between $17,500 and $21,000. There have been several attempts to break out of this range, but each time the price has fallen back down to the bottom of the range. It remains to be seen if Bitcoin will break out of this range and move higher or spend more time trading between $17,500-$21,000.
Ethereum has surged by 43% today.
Ethereum (ETH) climbed 43% from a low to a high in just one week.
Ethereum has increased momentum after the successful July 6 completion of the Sepolia test network. On July 15, it was announced that the Mainnet Merge would take place on September 19th.
While the September 19th date is still tentative and shouldn’t be considered a hard deadline, the Ethereum community has been working towards this day for so long is exciting and maybe drive demand for Ether.
MATIC keeps moving
On the altcoin market, Polygon (MATICS) has continued to lead the pack higher after making several major announcements, including being chosen for Disney’s 2022 accelerator program, gaining 32.4 percent over the past 24 hours, and trading near resistance at 94 cents.
Other notable gainers today include a 19.6 percent gain for STEPN ( GMT ), an 18.9 percent gain for Theta Fuel( TFUEL ), and a 17.6 percent increase for Convex Finance ( CVX ).
The overall cryptocurrency market has grown to $1.019 trillion, and Bitcoin’s share of the total market is 41.6%.