Numbers play a critical role in the world of cryptocurrency. Everyone wants to know how much particular coins and tokens are worth or what their market cap is. After a week filled with ups and downs, we can now state the total cryptocurrency market cap is heading back toward US$100bn. Most top 10 currencies have noticed small to medium gains over the past 24 hours as well. An interesting future lies ahead, although nothing is set in stone just yet.
Rising Cryptocurrency Market cap has Speculators Excited
The past week has been filled with both joy and dismay when it comes to cryptocurrency. When the Bitcoin price declines, all other currencies automatically follow. In most cases, that can have disastrous consequences, as we have seen throughout the first few days of the previous week. Thankfully, we caught a nice rebounding in the second half of last week, sending the Bitcoin price back to US$2,740 and higher. Most alternative currencies saw their value recover as well.
Fast forward to today, and it almost looks as if there was no dip to speak of. The total cryptocurrency market cap is back at US$95.4bn, way up from the US$68.5bn we hit just under a week ago. More importantly, the increase has been gradual, rather than a straight spike upward. It is good to see money flow back into cryptocurrency at a controlled pace. This positive momentum also allowed the prices of all major cryptocurrencies to get back to where they were before the dip occurred, which is good to see.
Putting this into numbers, we can see the Bitcoin price rose by 2.22% percent. That is not a bad number, considering trading during the weekend is always slower than the rest of the week. Then again, a lot of people are moving their coins to safer wallets in anticipation of the chain split coming on August 1st. It is good to see this event has not affected the Bitcoin price in a negative manner so far. If the trading volume picks up again, Bitcoin may even surpass US$3,000 this week. That seems a bit unlikely, but you never know what the future holds.
Other currencies in the top 10 show similar gains. Ethereum, XRP, Litecoin, and Ethereum Classic have all noted similar positive uptrends. NEM and Dash are two exceptions, as their value increased by 5.29% and 4.95% respectively. In the case of Dash, that may have something to do with the wallet finally receiving Apple App store approval after more than a year of trying to get accepted. The only two currencies in the top 10 to lose value are Stratis – down by 0.69% – and IOTA, which is down by 1.53%. All things considered, there is plenty of positive momentum to go around.
Looking at the week ahead, there will be some interesting challenges on the horizon. Bitcoin may break through US$3,000. as previously mentioned. Ethereum still fights to hang on to US$225, although the battle is far from over. XRP May try to climb back over US$0.20, although that will not be easy either. Litecoin is eyeing the US$45 target, whereas Dash wants to get past US$200 again. Ethereum Classic may prove to be the dark horse, although it seems the value will continue to hover between U$15 and US$16 for the foreseeable future.
If all things go according to plan – and they rarely do – the total cryptocurrency market cap should climb back to US$100bn and higher soon. Right now, The Bitcoin Dominance Index sits at 47.4% and it will be interesting to see how this number evolves in the coming weeks. Anything can happen in the world of cryptocurrency, which can be either good or bad. For now, things are looking rather positive, but things can turn around on a whim’s notice. Share your expectations for the week ahead in the comments below!
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