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Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

The digital currency economy is steadily approaching a $300 billion market capitalization, as a great number of coins have been seeing decent gains. Bitcoin touched a high of $10,135 on July 26, during the early morning trading sessions, but ethereum is outpacing the top crypto measured by market valuation.

At the time of writing, the crypto economy is a force to be reckoned with as a number of digital assets have grown more valuable this week. Bitcoin (BTC) is hovering between $9,900 and $9,950 during the course of the late afternoon (ET) trading sessions.

BTC is up over 2.3% today and BTC’s overall market cap is just above the $182.6 billion mark. Despite the higher price, BTC’s dominance ratio is lower than it’s been since June 2019 at 61%.

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

BTC did touch five figures on Sunday, a price observers had not seen since the first week of June. Ethereum has been outperforming BTC by a longshot as the coin is now trading for $307 per coin.

ETH is up 3.6% today and 30% for the week compared to BTC’s 8% seven-day gain. ETH gained 35% during the last 30 days and around 58% over the course of the last 90-days. A number of speculators believe Ethereum’s defi and stablecoin boom is pushing the digital asset’s price to new 2020 levels.

Bitcoin cash (BCH) jumped to the $253 range on Sunday morning but the cryptocurrency is down 0.84% at press time. Bitcoin cash is up 7% for 30 days and 1.7% during the last 90 days. However, for the 12-month time span against the USD, BCH is still down 19% this weekend.

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

BCH has a market valuation of $4.5 billion from the 18 million BCH in circulation, which represents 1.53% of today’s overall $296 billion crypto market cap. At the time of publication, tether (USDT) captures 61% of today’s BCH trades. This is followed by BTC (17.50%), USD (5.53%), KRW (5.16%), and TWD (3.40%). BCH is getting lots of volume from the New Taiwan dollar (TWD) and ETH pairs represent 1.56%.

Sunday’s top gainers include coins like elysian (ELY 61.02%), datawallet (DXT 40.79%), egretia (EGT 31.50%), elrond (ERD 25.12%), and travala (AVA 25%). The biggest losers today include starbase (STAR -29.16%), zap (ZAP -27.47%) karatgoldcoin (KBC -23.09%), boscoin (BOS -21.54%), and yearnfinance (YFI -21.31%).

The top-performing Simple Ledger Protocol (SLP) tokens today include flexcoin (FLEX 8.4%) and brave sound token (BRST 7.1%) The tokens spice (SPICE -1.6%) and Sideshift.ai’s SLP-token (SAI -0.12%) are both down on Sunday. Overall, most crypto traders are bullish, as crypto assets are outshining gold too, which is above the $1900 zone per Troy ounce of .999 fine gold on Sunday.

ETH touched a high on Sunday not seen in well over a year. However, ETH the second-largest crypto asset by market cap, is still 78% down from the digital currency’s all-time high (ATH). That was three years ago from today, and three years for BTC as well, which is doing better considering BTC is only down 50.5% from its ATH.

What do you think about this week’s cryptocurrency market action? Let us know what you think about this subject in the comments section below.

The post Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard appeared first on Bitcoin News.



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