The Crypto Market is Showing Bullish Signals as Market Cap Retouches the $1T Mark
The total market capitalization of all cryptocurrencies has retaken the $1 trillion mark, making virtual currencies almost as valuable as all of the silver on Earth. Bitcoin experienced a price pump that brought it to the $22,500 range. On the other hand, Ethereum, one of the most popular cryptocurrencies, experienced a price surge that pushed it to the $1,500 mark.
Bullish Sentiments Evident in the Market
While Bitcoin sits at around $420 billion, Ethereum is at around $180 billion. These cryptocurrencies have gained around $20 billion in the past 24 hours. The last time the crypto market reached the $1 trillion mark was on June 13.
The news about the trillion dollar mark being reached in the crypto market was welcomed by many people on Twitter. Some noted that the new highs might indicate a potential reversal.
The beaten-down market is eager to celebrate the news about the trillion dollar mark in the crypto market as it has been experiencing months of fear and greed. Before celebrating the achievement of the trillion dollar mark, it is important to remember that it set the previous high in the market cap in 2021. During the fourth quarter of 2021, the market cap reached $3 trillion.
In April 2021, the market cap of cryptocurrencies reached the same level as Apple’s stock. However, the latter is valued at around $24 trillion, while the former is at around $1 trillion. There are many ways in which cryptocurrencies can potentially compete with some of the world’s most prominent companies.
$MATIC is Making Up For Prior Loses
According to data from Santiment, altcoins experienced rapid losses during the first half of 2022. However, projects such as $MATIC have been making up for their losses quickly and are showing an interesting divergence.
On July 13, the MATIC price rose 76%. It has since sliced through the 100-day exponential moving average. MATIC has been up almost 20% in the past 24 hours. The price of the cryptocurrency increased after Disney revealed that it had selected Polygon for its Accelerator Program.
If the bullish momentum continues to develop, MATIC price could test the $1.30 resistance level. This move would represent a 44% increase from the current position. The 200-day moving average (MA) is also at around $1.05 and could serve as support.
Ethereum(ETH) Is On A Comeback Rally
The second-largest cryptocurrency by market cap, Ethereum, has crossed the $1,400 threshold. It is currently trading at $1,482.01, up 9.31% from its previous 24 hours. According to CoinMarketCap, the currency has gained 29.32% in the past seven days.
According to nomics data, the total market cap of Ethereum increased by 8.78% during the past 24 hours to reach around $171.11 billion. However, this price rise was caused by unfavorable market conditions and poor performance.
Although the exact reason behind the spike is not known, it is believed that the price surge was triggered by the ninth shadow fork’s introduction on July 14. This event could be related to the increasing popularity of Ethereum and its proposed merger with another digital currency.
During the latest Consensus Call of the Ethereum Foundation, Tim Beiko, a member of the organization, revealed that the proposed launch date of the project would be on September 19. This move suggests that the developers will soon launch the project.
The upcoming merge upgrade of Ethereum will combine the execution and consensus layers to switch the network from its Proof-of-Work to Proof-of-Stake format. It is expected to reduce the network’s energy consumption by 99.95%. However, it won’t be able to reduce the transaction fees.
