Wednesday saw the value of cryptocurrencies worldwide hit $2 trillion again, and the total crypto market volume gained 20 percent to over $130 billion. It reached a new high for the first time since crashing almost three months ago. This is an over 3 percent increase over the last day.
Bitcoin is Dominating
Despite the looming potential of the SEC and Congress regulations, crypto investors are proving optimistic again in a space that has seen extreme volatility of late. Crypto Market is advancing even as regulators around the world promise harsher crackdowns.
The milestone comes as several cryptocurrencies post massive gains over the past week, reflecting a bullish trend since earlier this month.
Bitcoin dominance is presently at about 43%, while Ethereum’s Ether represents 18.8% of the overall cryptocurrency market.
Bitcoin’s market dominance was 71%, far above Ethereum’s 10% at the beginning of the year. Bitcoin has surged 19% to a three-month high of over $46,500. The world’s most significant cryptocurrency price rose by 16%, while Ether was up approximately 18% over the past seven days.
According to the CoinGecko data, the digital asset class has risen by 4.6%. Week-over-week, the market has added 25% or $400 billion over the past 24 hours.
Ethereum’s price spiked after the new London upgrade went live, surging in the hours before the update, and trading volume spiked globally. The bullish trend has continued into this week as the crypto market dominance gains an edge on bitcoin.
Other cryptocurrencies were also doing well today. Dogecoin rose 11.14% to $0.2893. Digital token Stellar gained 8.70% to $0.3476, and XRP saw a rise of 18.34% to $1.03. Litecoin rose by 6.24% to $175.47 and Uniswap rose 0.60% to $29.58.
Traders are Alert
Ada, the native token of blockchain competitor to Ethereum, Cardano surged to its highest value in almost three months. This happened on Wednesday after Cardano’s founder said the platform would announce the date it would establish smart contracts, an automated way to track and execute agreements.
Crypto prices have been rising recently on the back of comments from billionaire Elon Musk and Ark investment firm founder Cathie Wood.
Elon Musk said Tesla would possibly begin accepting bitcoin as payment again in late July. The remarks made the cryptocurrency race past the $30,000 level. In May, the electric carmaker said it would no longer accept the cryptocurrency for purchases because of environmental concerns.
The spike in bitcoin has brought the target of $100,000 in the spotlight. The cryptocurrency has defied criticism over its toll on the environment. Several traders and analysts have started projecting Bitcoin’s rise to the moon.