The crypto comeback has been in full swing this week, as both the bitcoin price and ethereum price have increased by more than 30%.
Just a week ago, the total value of all cryptocurrencies was $68 billion. Now, bitcoin and ethereum alone boast a combined market cap of $66 billion. At present, the total crypto market cap is $95 billion.
The next test will be whether the crypto market cap can burst through the $100 billion threshold for the first time since June 26.
The bitcoin price spent the majority of July in decline due to investor fears regarding the August 1 scaling deadline and the potential bitcoin blockchain split. It reached a low point on July 16, falling below $1,900 for the first time since May.
The bitcoin price reversed course once it became clear that BIP 91 was going to receive the necessary support to lock-in. In the past week, the bitcoin price has climbed a staggering 33%, peaking at $2,860 on July 20 before settling down to its current value of $2,740. Bitcoin now has a market cap of more than $45 billion.
Nevertheless, bitcoin is not out of the woods yet, because BIP 91 does not completely guarantee the activation of Segwit. Developer Peter Todd recently said there was a 25% chance Segwit will not be activated. Since then, however, hashing support for Segwit has reached 95%, suggesting that the next phase of Segwit integration will proceed smoothly.
For the most part, the ethereum price has kept pace with bitcoin. Since July 17 – when the ethereum price bottomed out at $160 – it has risen 31% to its present value of $224. Significantly, this rapid climb has occurred even as the Ethereum community is dealing with the fallout from the $32 million Parity wallet hack. Ethereum now has a market cap of $21 billion.
The crypto comeback brought most altcoins gains of at least 10%. The Ripple price rose 25% to $0.194, increasing its market cap to $7.4 billion. The NEM price surged by 55% to $0.169, enabling NEM to vault over Dash and Ethereum Classic to assume fifth-place in the market cap rankings.
The Dash price rose 42% to $204, bringing its market cap to $1.5 billion. It successfully supplanted Ethereum Classic in the rankings, but it could not keep up with NEM’s rapid advance. The IOTA price rose a relatively-mundane 12% to $0.265, while Monero and EOS each rose by more than 30%.
Although most coins saw dramatic increases, none rose as much as 10th-ranked Stratis. The Stratis price shot up by more than 88% to $6, putting its market cap just under $600 million.
However, this week’s bull run has left two major coins behind: Litecoin and Ethereum Classic. The Litecoin price saw a modest 5% gain, raising its price to $44. However, it has experienced a steady decline against bitcoin during that timeframe. On July 17, Litecoin was trading at 0.02 BTC; now, it is valued at only .016 BTC. This represents a 22% decline.
Ethereum Classic shares a similar plight. The Ethereum Classic price has risen 8% this week to almost $16, but its bitcoin trading pair has dipped by 20% – from 0.0069 BTC last week to 0.0057 BTC on July 24.
Consequently, Ethereum Classic has dropped from fifth to seventh in the market cap rankings.
Bitcoin managed to maintain a 47% market cap share during this week’s market recovery. Ethereum currently controls 22% of the market cap, while Ripple has seen its share fall back below 8%.
Featured image from Shutterstock.
Last modified: March 4, 2021 4:58 PM
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