The Crypto market capitalization is at $1,043,081,706,334.333 according to Coinmarket cap data as of Friday at 8 am London Time. The trend shows that the bullish cycle that prevailed in the previous week is gaining momentum. On Friday last week, the market capitalization was $930 billion. Hence, Crypto hodlers have gained $100 billion in 7 days.
The Crypto Market Is in The Green Zone
Bitcoin, the leading Crypto, has surged by 0.18% in the last 24 hours culminating in 12% in the last week. The value of BTC is now $23,000 on Coinmarket cap, which is set to rise further on the day.
The volume of the circulating Crypto is diving as only 1.3 million BTC tokens changed hands in the Crypto market. The transactions volume recorded a 26% drop in the last 24 hours valued at $32,189,080,465.
On Monday, BTC peaked at $24,169 before a market correction wiped out $2,000 from the value. Despite the intra-day volatility, a strong level of support is set at the $20,000 mark.
Bitcoin Dominance Wanes as Ethereum Strongly Rebounds
In a bear market, the dominance of Bitcoin is more likely to peak. As the market rallies, the dominance of Bitcoin has been steadily declining. In the last week alone, the number has waned by a percentage point and is now at 42%.
A bullish Altcoin recovery precipitates the decline of BTC. Ethereum, the largest Altcoin, has surged by an impressive 6.11% in the last 24 hours. Consequently, the weekly growth has peaked at 31.88%, and the ETH value is $1,582. The performance of ETH is remarkable as the price has recovered from a low of $1,026 on the 13th of July.
Despite the strong rebound, ETH is far from regaining the price of $2,000, which was the level of support in May 2022.
The Bullish Trend is Across the Market
Cryptocurrencies such as BNB, XRP, ADA, SOLE, and DOGE are equally bullish. In the last 24 hours, these Cryptos have grown by 7%, 12%, 16%, and 12%, respectively.
aggregating to a 7-day gain of 45%. BTG is now valued at $22.53 and is the 87th largest Crypto by market capitalization. ApeCoin (APE) has also grown by 44.35% in the last week, with a 15% gain in the last 24 hours.
Following the rally, Crypto holders who may have sold off their digital assets like Tesla may try to buy back into the bull market. The Crypto rush may accelerate the rally and sustain the upward momentum.
Meanwhile, the ECB is raising the interest rates to shield the Euro from a strong Dollar. The decision might slow down the rally.