The total crypto market has risen above $2.09 trillion, which is over a 2% increase to the previous day, which is $2.05 trillion and over a 4% increase a week before that had a close of $2 trillion.
This surge in the crypto market’s total capitalization is particularly noteworthy as the crypto market has fluctuated for the past few weeks. If the crypto market can hold above this region, as can be seen in the chart below, then the general crypto market is set for a bullish run, as this close has been among the green candles for the past few days.
The major contributing factor to this surge in market capitalization is no other than the two largest cryptocurrencies, Bitcoin and Ethereum.
After struggling to close above the $60k point some days ago, Bitcoin finally closed above this region, signaling more gains ahead if the price can go above the $62k region, which is another major hurdle ahead for the Bitcoin price.
Since April, the demand for Bitcoin has slowed down. Still, something significant is that long-term investors’ holdings reached a record level despite this weak demand. The spot Bitcoin ETF has attracted a net inflow of over $15 billion since the launch in January to July—all of these signal investors’ bullish sentiment about Bitcoin and the crypto market.
Ethereum prices have also been hovering around the same region, as can be seen from the chart below; the $2600 region has been a major hurdle for Ethereum, and a close above this region is what will open the Ethereum price to some bullish gains.
The uncertainty experienced in the crypto market is not limited to Bitcoin and Ethereum; other tokens have not experienced significant gain either. Coins like Solana, XRP and Litecoin are still hovering over a price region without an increment.
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