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Solid Bull Run: Why Ethereum Is Up 50% in 10 Days

Ethereum faced a flash crash on August 1, where it plummeted by approximately $90 from $415 in 5 minutes.

‘Everything is Happening on Ethereum’

Eventually, it climbed back to $385 after 10 minutes, but the fluctuation in price value led to a mass liquidation of futures contracts.

What this translates to on the crypto market is that despite undergoing such a huge crash, Ethereum is still up by 50% within the last past 10 days, a phenomenon that has caused quite a stir among market experts and traders. Former Messari executive and cryptocurrency trader Qiao Wang took to his Twitter platform and addressed Ethereum’s recent bullish behavior to get to the bottom of Ethereum’s strength in pricing.

The majority of his followers seemed to feel that the reasoning behind Ethereum’s solid price performance despite its recent plummeting simply lay in the fact that “Everything is happening on Ethereum.”

Crypto Investors Are Positive About Ethereum

2020 has been a bullish year for Ethereum, up to now. Ethereum is ranked #2 by market capitalization, trailing behind the biggest cryptocurrency on the market, Bitcoin. Ethereum’s market cap translates to $42.44 billion at the time of writing, with a 24-hour volume of $18.63 billion.

Also, Ethereum appears to be the first and the largest blockchain optimized for digital contracts. It dominates the scene for decentralized finance (DeFi) applications run on a public blockchain. It appears that across the board, the underlying market sentiment regarding Ethereum has been very positive.

Bitcoin Rallies

With the ongoing pandemic and the global economic downfall, the silver lining seems to be that traditional market advocates are more willing to turn to cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC) as side investments. As the US is printing stimulus money by the bulk and the dollar is dropping, BTC and ETH have been surging.

Over the weekend, Bitcoin, Ethereum’s counter rival, also dove from $12,200, before rising back to a steadier $11,200. BTC has recently emerged from its slump, undergoing a surge last week and rallying with gold.

Litecoin Surpasses Bitcoin SV by Market Cap and Outperforms Other Major Cryptos

Litecoin has been catching up with some of the action seen with the cryptocurrency market rally, surging nearly 11 percent in the past 24 hours, and 19 percent in the last five days.

Litecoin (LTC) just surpassed Bitcoin SV (BSV) by market capitalization, according to CoinMarketCap. However, Litecoin is still down over 70 percent from its all-time high of $366 in December 2017, while the Litecoin’s creator Charlie Lee cashed out all of his holdings.

TradingView analyst Faibik, the Litecoin price could rise to the $120 threshold. Litecoin is trading at $64.05 at press time.

Litecoin’s recent developments

Earlier this month, Litecoin’s core developer, David Burkett confirmed that the test network for MimbleWimble’s implementation is set for September this year. Litecoin features faster transaction verification times and improved storage efficiency compared to Bitcoin.

Litecoin is taking a step further towards implementing the MimbleWimble on the network, and Burkett noted that “confidence is returning to the space and to cryptocurrency as a technology,” in his latest update.

Litecoin’s Segregated Witness protocol upgrade has hit 80 percent on the Litecoin blockchain, while only 50 percent of Bitcoin payments utilize the protocol. SegWit is a protocol upgrade that speeds up transactions by increasing block capacity.

Recently a Litecoin native Visa debit card has been reportedly to be launched by BlockCard, as a second attempt — the first attempt having failed due to LitePay going out of business. According to Lee, around 300 users have signed up so far.

The original altcoin and the crypto market

At press time, Bitcoin has broken resistance and pushed past the $12,000 threshold. Time will tell if this $12K threshold will hold for the world’s largest cryptocurrency.

The altcoin market has been more volatile than Bitcoin, with Chainlink hitting countless all-time highs, and flippening Bitcoin Cash (BCH) by market capitalization. Chainlink recently had massive support from the DeFi craze and hit $20 on the weekend on Binance.

Although Chainlink’s price has rallied this year, Chainlink investors are increasingly uncertain bout the asset’s bullish trend. According to Santiment, a blockchain analytics firm, speculative interest has exploded and it has seen some concerning signs.

Bitcoin’s Market Cap is Now Bigger than Bank of America After BTC Price Hit $12K

Bitcoin has just surged to $12,000, breaking resistance, with another $6 billion entering the cryptocurrency market just recently. Bitcoin is currently up 60 percent on the year, while other cryptocurrencies outperformed the world’s largest cryptocurrency with over 80 percent gains across the board.

If the Bitcoin price resistance is at $12,000, a strong push toward $14,000 and a retest is expected.

Bitcoin’s current market capitalization is now bigger than Bank of America, just slightly over $226 billion, according to CoinMarketCap’s data. Bank of America’s market cap is currently at $224.96 billion, according to Yahoo Finance.

Bitcoin’s all-time high price was at $20,089 in December 2017, and at press time, Bitcoin’s price is trading at $12,319 on Binance, just 38 percent below Bitcoin’s ATH.

Bank of America has also recently reportedly been treating Bitcoin, Ethereum, and other cryptocurrencies to be cash equivalent. The bank is also treating crypto-related transactions as cash advances.

An image posted on social network Reddit showed a possible change in credit card terms and conditions of Bank of America regarding cryptocurrencies such as Bitcoin (BTC).

Bitcoin, Ethereum, Litecoin, and other cryptocurrencies were mentioned to be treated as “cash advance,” according to the image of the letter that was posted briefly before it was taken down on Twitter.

Bitcoin is better than gold

Wall Street veteran and billionaire Michael Novogratz has made the statement that “Bitcoin is a better long-term bet than gold,” in his recent appearance on Bloomberg Television.

Novogratz, who is also the founder of Galaxy Digital Holdings said that although gold has been climbing to record highs, Bitcoin is still more worthy as an investment as it is more difficult to purchase than the yellow metal. The billionaire revealed that 25 percent of his net worth is in Bitcoin.

Billionaire Paul Tudor Jones also previously bet on Bitcoin and compared the cryptocurrency to gold. Jones said in an investor letter, called The Great Monetary Inflation, “The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin.” As money-printing will push traditional investors to gold, he believes that the world will then “crave new safe assets,” which may be beneficial to Bitcoin. Recently, he commented:

“My bet on #bitcoin as a safe haven against the deteriorating dollar is doing incredibly well. My only regret is not buying more. I believe this rise in price we’re seeing is far from over. In fact, it’s just getting started!”

Polkadot and Binance Coin Prices Surge, Flippening Bitcoin Cash and Chainlink by Market Cap

Polkadot (DOT) and Binance Coin (BNB) have climbed up the market capitalization ladder, overtaking Bitcoin Cash (BCH), and Chainlink (LINK).

Polkadot’s (DOT) price has increased by 10.02 percent in the last 24 hours and has been up 24.4 percent in the past week. BNB’s price has increased by 11.33 percent in the last 24 hours, and up 55.2 percent in the past week. According to CoinMarketCap, Polkadot and Binance Coin have surpassed Chainlink and Bitcoin Cash in terms of market capitalization.

Polkadot is currently holding in the fifth position in the cryptocurrency’s market capitalization rankings, with a market cap of $4,386,723,356, BNB with $4,375,202,266, and Chainlink with $4,305,688,264 at press time.

Polkadot is a blockchain protocol founded by Ethereum co-founder Gavin Wood, which achieved $5.36 billion market capitalization in late August, six days after the protocol enabled its token DOT for transfers.

Previously cryptocurrency fund Spartan Black’s Kelvin Koh predicted that Polkadot’s price would be valued at $5 per DOT and that its market capitalization would reach $5 billion. Although Polkadot’s market cap has yet to reach $5 billion again, DOT’s price has already surpassed $5. He made another prediction, stating:

“Another prediction: within a year DOT will be Top 3 market cap on Coingecko/CMC.”

DOT tokens are the native tokens of the Polkadot network, and DOT token holders are able to control the direction of the network. Governance functions enabled by the network allow token holders to determine fees, auction dynamics and scheduling the addition of parachains. Upgrades and fixes to the Polkadot platform are also up to the DOT token holders.

Ethereum has been dominating the smart contracts blockchain protocol space. Polkadot’s protocol does not directly compete with Ethereum, according to Koh, as Polkadot continues to grow, Ethereum should not see a decline. Koh added:

“I believe in a multi-chain world interconnected by bridges. Polkadot and Cosmos will not replace Ethereum. Also wouldn’t rule out chains like Near, Solana, AVA, TRON and others seeing development activity.”

As Polkadot would be able to co-exist with Ethereum, this raises the chances for the protocol to thrive, taking DOT’s price even higher.

BNB token making big moves

Binance recently announced that the firm is building a decentralized finance ecosystem on its own blockchain, going after the DeFi craze.

Binance is establishing a $100 million seed fund to empower emerging projects built on its Binance Smart Chain. Its chain ecosystem will support the farming of mainstream tokens such as Ripple (XRP), Litecoin (LTC), and Polkadot (DOT). It was one of the reasons that ignited the crypto market.

Bitcoin is Redefining the Concept of “Overbought” as Crypto Market Cap Surpasses $1 Trillion as New ATH

The cryptocurrency market has seen a massive rally in the past 24 hours, and the market has hit $1 trillion in market capitalization. For the first time, the cryptocurrency market capitalization surged above $1 trillion, as Bitcoin reached a new all-time high at around the same time.

In the past month the cryptocurrency market capitalization has doubled, while Bitcoin has managed to make multiple new all-time highs, and Ethereum surged past $1,100 for the first time since 2018. Bitcoin and Ethereum’s market capitalization account for around over 65 percent of the overall cryptocurrency market.

While Bitcoin has made multiple new all-time highs, Peter Brandt suggested that Bitcoin is redefining the concept of overbought in a bull market. He explained:

“Bitcoin $BTC is redefining the concept of “overbought.” Bull markets become and remain overbought. Major bull markets become overbought majorly. Historic bull markets become historically overbought. Red arrows mark midpoints of parabolic advances.”

The latest buying trend has been driven by market participants who are looking to hold Bitcoin long term, known as HODLers. According to Willy Woo, this is a massive bullish indicator for the cryptocurrency. Woo said:

“Latest buying has been driven by participants who are long term holders. This is bullish, this rally is far from done. This is the change in #Bitcoin’s supply moving between participants. When more coins move from liquid (active traders) to the illiquid (HODLers), it’s bullish.”

Bitcoin’s market capitalization is sitting at over $688 billion, and cryptocurrency trader Michael van de Poppe commented on the recent bull run, saying:

“With all honesty. Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20-30% corrections. Be prepared, they occur. And they are opportunities.”

Crypto analytics firm Santiment further showed data that indicated that public crypto crowds have been dominating the “buy” narrative as Bitcoin hit its new all-time high. Just a day before the buy narrative kicked in, and before its new all-time high at above $37,000, Bitcoin’s crowd sentiment showed fear and doubt. Santiment further elaborated:

“Our data indicates that public #crypto crowds are dominated by people pumping the #buy narrative today with a new #Bitcoin #ATH of $37k being made yet again! This comes after yesterday was all about #sell calls, as doubters were proven very wrong.”

Crypto Market Cap Smashes $1 Trillion with JPMorgan Projecting $2.5 Trillion to Come

The cryptocurrency industry has surpassed the $1 trillion market capitalization, creating a new milestone in just over a decade since Bitcoin heralded the potentials in the newly invented digital currencies. Recent market projections from JPMorgan indicate that there could be an additional $2.5 trillion to come over the next year.

According to CoinMarketCap, the crypto industry now has an exact market capitalization of $1,008.32 Billion at the time of writing.

The volatility of the entire markets fueled by the intense buying and selling of the top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and other altcoins had fueled this growth in market cap which was pegged at $980 billion a day ago per an earlier report by Blockchain.News.

The Most Notable Crypto Rallies Driving

The market capitalization of the crypto industry is a sum total of the individual market cap of the more than 8,100 digital currencies but the market cap is majorly influenced by Bitcoin with an estimated dominance of 68.3%.

Bitcoin has seen tremendous growth in its value in the past month, fueled by massive institutional adoption and investing in the coin, a move that is complemented by a FOMO among retail investors. With new all-time highs recorded by BTC in the past days, the coin alone has a market cap of $689,840,611,158.

Other cryptocurrencies particularly in the top 10 also have a notable influence on the total market cap of the entire cryptocurrency industry. Ethereum adds $137 billion to the market cap amidst a growth of 60.5% in the past week, Tether (USDT) adds $22.8 billion to the market cap while XRP and Litecoin (LTC) supports the $1 trillion milestones with $13.3 billion and $11.1 billion respectively.

JPMorgan Project $2.5 Trillion Growth

The crypto market cap is not a magic number, it is simply a summation of the market cap of the coins as highlighted earlier and its continuous growth is dependent on the performance of the coins that add up the numbers.

At the current rate of growth of the coins in the industry, a bigger market cap is imminent, and should bitcoin beat the $146,000 projected by JPMorgan Chase & Co, the industry’s market cap could surpass more than $3.5 trillion as Bitcoin will have an estimated market cap of $2,714,612,602,000 estimated with the current circulating supply of 18.5 million BTC and other key parameters remain unchanged.

Bitcoin’s Parabolic Price Run Pushes the Cryptocurrency's Market Cap Above $1 Trillion

Bitcoin’s current bull run has served to push the world’s first and biggest cryptocurrency to a market capitalization of $1 trillion.

According to data from CoinMarketCap, the price of the digital currency has surged by over 8.8% in the past 24 hours, crossing a new all-time high (ATH) of $56,000.00 within that time frame.

Currently, the combined market capitalization of the global cryptocurrency market stands at $1.71 trillion. Bitcoin has proven to be a star digital asset in the crypto space, establishing itself as a unicorn responsible for more than 61% of the value of the entire cryptocurrencies. There are over 8,520 in all.

Institutional Buy-Ups Paid Off

The embrace of Bitcoin by institutional investors is paying off with a corresponding increase in price. A Bitcoin adoption cycle was notably kickstarted with a move from Jack Dorsey’s backed payment firm, Square Inc, and Michael Saylor’s business intelligence firm, MicroStrategy Inc. back in the second half of 2020.

Since these publicly-listed firms dabbled into the world of Bitcoin, it has led to other firms promptly following their lead. Today, many Wall Street firms are shoring up their balance sheets with Bitcoin, bemoaning the unattractiveness of the US dollar amid unrelenting money printing used for covid-19 stimulus packages.

Bitcoin, with a $1 trillion market cap milestone attained today, has further strengthened the appeal of the cryptocurrency industry as the inflow of funds may serve to make regulators rethink their position in the industry. Another step to gain more exposure to Bitcoin for corporate investors is through Exchange-Traded Fund products, and while other nations such as Canada have approved their first Bitcoin ETFs, the US has yet to approve any Bitcoin ETF application.

When this hurdle is crossed, Bitcoin is bound to see a wave of money inflow and the cryptocurrency will gain an even bigger market capitalization in the near future.

Will The Crypto Market Cap Dip Below The $1 Trillion Mark Again?

The cryptocurrency market is experiencing yet another crash after a brief moment of recovery that occurred at the beginning of the week.

Despite many bullish events surrounding Bitcoin (BTC), the flagship cryptocurrency has been unable to sustain a price above the $50,000 level. At the time of writing, BTC has lost as much as 8.6% in the past 24 hours; in the past seven days, it has lost over 10%, according to Coingecko.

As expected, the drop in the price of Bitcoin has dragged other altcoins down as well. Ethereum has shed over 11.97% to trade at $1,433.51, Binance Coin (BNB) is down by 13.64%, trading at $216, and the red trend dominates the bulk of the top-ranked cryptocurrencies.

The news of Coinbase ‘s S1 registration filing with the Securities and Exchange Commission in its bid to go public was not enough to keep the market bullish as the week is coming to an end. Additionally, MicroStrategy’s latest purchase of Bitcoin, worth as much as $1 billion has not been enough to move the market. Many fear that this current downtrend and failure to trigger a bullish correction may signal the end of the long enjoyed bull run cycle that debuted at the end of 2020.

Market Capitalization Undergoes Swift Retracement

The global crypto market capitalization recorded its greatest milestone this bull season, crossing $1 trillion for the first time in history. However, amid the ongoing market crash, the market cap is retracing, shedding off the gains it has accrued in the past months.

At the time of writing, the crypto market cap is pegged at $1.351 trillion, down by more than 11.69% over the past 24 hours. At this rate of decline, will the crypto market cap fall below the $1 trillion mark again?

Volatility is currently swaying the market, and with most of the cryptocurrency market trading in the red, the fluctuations are illustrative of the instability that rocks the global crypto market.

High Transaction Volumes are Boosting Ethereum’s Price Rally

Ethereum (ETH) continues to scale heights not seen in its six-year journey. The second-largest cryptocurrency recently breached the psychological price of $3,000, and its rally upwards has seen it hit a new all-time high (ATH) above $3,200.

ETH is up by 30.49% in the last seven days to trade at $3,250 at the time of writing, according to CoinMarketCap.

Glassnode has revealed that high transaction volumes in the Ethereum network are boosting its upward momentum. The on-chain metrics provider explained:

“As ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycle’s lows. Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap.”

In the first quarter of 2021, Ethereum settled transactions worth $1.5 trillion compared to $1.3 trillion in 2020. This, therefore, shows the considerable transaction volume ETH has been enjoying, which has aided its price rally.

This uptrend in transactions is based on the fact that more participants are joining the Ethereum bandwagon. For instance, WeWork, an American commercial real estate company that provides flexible shared workplaces, has partnered with Coinbase and Bitpay to accept crypto payments in the form of Bitcoin, Ethereum, USD Coin, and Paxos.

Ethereum flips Bank of America’s market capitalization

With a market capitalization of $373.77 billion, Ethereum has exceeded Bank of America’s valuation of $347.31 billion. ETH is also more valuable than Home Depot, Walt Disney, Procter and Gamble, and Nestle, who have a market cap of $348.1B, $337.67B, 307.99B, and $337.38B, respectively.

This price rally has also enabled ETH addresses in profit to hit an ATH of 58 million, as acknowledged by Glassnode.

According to data analytics firm Skew, CME Ethereum futures saw record volumes recently as open interest surged past $360 million, whereas daily volume breached the $300 million mark.

Global Crypto Market Cap Sees a Flash Surge Above $2T on Altcoin's Gains

The price decline in the global cryptocurrency industry might be losing its steam as altcoins are rallying off to reprint their previous price highs.

The growth in the price of top altcoins and coins based on Non-Fungible Token (NFTs) have helped push the global crypto market cap above $2 trillion for the first time since May.

According to data from Coingecko, the global market cap soared above this huge threshold briefly as calculated from 8,873 coins tracked over 489 cryptocurrency exchanges. The new high was pegged at $2,008,884,468,614 before paring off the gains.

Altcoin Contribution to the Market Cap Growth

Upshoot in the price of Ethereum has contributed immensely to the growth of the global market cap. The coin stirred investors in the past week with the launch of the EIP 1559 upgrade and the occasional burning of Ether tokens. At present, Ethereum has surged to its monthly high of $3,269.21 in the past 24 hours, contributing as much as 19.4% to the global crypto market cap.

Binance Coin (BNB) is also a top altcoin whose $65.16 billion market cap has contributed to the overall growth of the combined market cap. Native to the Binance exchange, ranked as the world’s largest digital currency exchange by trading volume, the coin is changing hands at $385.60, up by 0.34%, according to data from CoinMarketCap.

The 7-day gains from Cardano (ADA), XRP (XRP), Dogecoin (DOGE), Polkadot (DOT), Uniswap (UNI), as well as contributions from the top stablecoins, including USDT and USDC, has also contributed to the surge of the global crypto market cap above the $2 trillion thresholds.

The digital currency ecosystem is seeing enormous attention from investors, both retail and institutional.

The growth in the space has made several investors pump capital to back startups in the space and is also influencing the emergence of various Bitcoin investment products. In all, the influence of these adoption moves will be a continuous surge in the market cap, which will make the crypto ecosystem a stable and mature industry.