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Crypto Market Hovers Near $2tn, Bitcoin Approached $47,000

Crypto Market Hovers Near $2tn, Bitcoin Approached $47,000

Created by TradeOr

3rd Party Analysis 12 Aug 2021

Key Takeaways

  • Bitcoin and ether moved higher to eclipse the $2tn market cap on Wednesday
  • Cryptocurrencies hit their third-straight day of gains; Thursday’s trading relatively quiet

Crypto Market Hovers Near $2tn

The entire cryptocurrency market has been in a solid uptrend over the past three weeks. Since the major market meltdown from mid-May to mid-July, strong tailwinds have sustained a stellar upside swing in the digital asset space.

While the robust rally paused for breath on Tuesday, major coins kicked off Wednesday action with renewed strength. Bitcoin pushed to a new weekly high of $46,800 as it cemented a third straight day in positive territory.

Buying momentum lifted other major coins, too. Ether advanced 2.5%, or roughly $80, to finish the day at $3,235. Dogecoin added 7.2% to reach a closing price of $0.2760.

Yesterday’s jump added more confidence in crypto supporters that the significant crash that kept prices pressured until July 21 was now history. As crypto investors have digested bearish news related to Chinese authorities banning crypto outright, or regulatory crackdowns in certain areas, the market now gravitates toward the key $2tn valuation threshold.

Cryptocurrency Market Tops Major Milestone

For a short period on Wednesday the whole capitalization of the cryptocurrency market topped the major milestone.

On Thursday, however, the digital asset industry hovers right below that mark, currently at $1.9tn. Still, bitcoin is up more than 25% in the last seven days and is currently trading at $46,300 per coin. The leading cryptocurrency is now accountable for as much as 45%, or about $850bn, of the market valuation.

Ether is up about 30% since the beginning of the month, while bitcoin’s monthly performance stands at less than 12%. The stark contrast is largely a result of the London upgrade to the Ethereum network. The upgrade introduced key changes to the blockchain powered by ethers, among them a new way to calculate fees and the implementation of a coin burn mechanism that removes from circulation certain parts of fees paid in ether.

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