Cryptos scream like scramjet in broad based rally

Cryptocurrencies are surging after rough week that saw the whole market register a downtrend. The total value of all cryptocurrencies on the market as of this writing is $1.17 trillion, up from its previous 24 hours by 10.11% but down from a year ago by -36.14%, according to data presented by Coingecko. 

Bitcoin and ETH lead the way higher

Bitcoin’s current market worth of $501 billion indicates it controls 42.89% of the market. Meanwhile, the market cap of stablecoins is $135 billion, or 11.54% of the overall crypto market size, per the analysis.

BTC is among the top gainers’ list despite seeing a drop below the $20,000 level last week.

Per CoinMarketCap analysis, the asset is up 9% from its previous 24-hour price, showing how fast bulls have acted on the digital asset markets amid the downtrend. Additionally, bitcoin has gained a notable 16% in seven days. 

Ethereum, the second most valuable token by market cap, is also among today’s gainers list. Ethereum, which has seen an increase of over 6% in 24 hours, has also recorded a 12% gain within seven days.

Selling at $1,771 as of the time of writing, the 7-day charts show how bullish sentiment gripped the market as ETH consolidated a consistent uptrend for the past few days.

Altcoins are also up

Altcoins are also in a bullish trend as XRP, SOL, ADA, and polygon all recorded gains in price valuation within the same 24-hour period. Cardano, solana, and polygon all registered an increase of over 5%, as XRP gained a not-so-impressive 3.5 % as of the time of writing. 

However, polygon’s current gains could be attributed to their latest unveiled collaboration with Unstoppableweb to launch Polygon, a new web3 domain set to give users a portable identity across 750+ dApps, games, and metaverses.

Memecoins were not forgotten, with the most renowned of them, doge, gaining over 7%, as shib also gained 6% within the same period.