cryptocurrency Prices continue to rise on 8 August. According to CoinMarketCap, the global crypto market cap stood at $1.83 trillion on the previous day, a drop of 0.25 percent for the same period. At the time of this article, the price of Bitcoin It stood at $45,040.19, up 1.16 percent in the last 24 hours and 13.70 percent over the past seven days.
Now to give a broader perspective, Ethereum It has also been at the highest price ever since mid-May. At the time of this article, the price of Ether was $3,060.76, down 1.52 percent over the past 24 hours and up 18.06 percent over the past seven days. Both the top cryptos had a market cap of $847.62 billion and $359.37 billion, respectively, for Bitcoin and Ethereum.
The rise in Ethereum comes despite the extreme upgrades to the Ether coin and the uncertainty of US infrastructure plans.
Bitcoin rose 3.1 percent on Sunday and reached $45,328. This is the largest crypto coin the world has seen since May 18. For the same period, Ether has seen an increase of 3.5 percent, which left it at $3,191. Prices increased amid London’s upgrade to the Ether network.
Speaking on the gains that bitcoin saw over the weekend, Mudrex CEO and co-founder Edul Patel said, “It was a happy weekend for most cryptocurrency investors as all major cryptos maintained steady growth over the past few days. Bitcoin, the largest cryptocurrency by market capitalization, surpassed the coveted $43,000 mark. Ethereum also shot up tremendously, riding on anticipation of the London hard fork upgrade. Both these cryptos hit highs established in early June. However, the latter half of the weekend witnessed some profit-booking.
Patel further added, “Crypto enthusiasts will be on their toes as the market has been a bit volatile over the weekend. However, if buying pressure builds up after the volume surge on Wednesday, we could see another minor rally as Ether May go above the $3000 mark.”
The total volume of the cryptocurrency market reached $102.88 billion in the past 24 hours, a decrease of 14.90 percent. DeFi’s total volume currently stands at $10.11 billion, which is 9.82 percent of the total crypto market in terms of 24-hour volume. The total value of all stablecoins at the time of writing this article was $82.02 billion. This is 79.73 percent of the total crypto market’s 24-hour volume. Bitcoin dominance stood at 46.48 percent on Monday which is an increase of 0.57 percent over the day.
Commenting on the Bitcoin scenario, ZebPay Trade Desk said, “BTC crossed the $45,000 mark over the weekend, gaining close to 25% since the August 5 low of $37,300. The asset is currently trades near $43,500. The rally was supported by good volume and momentum, and we have also seen whales buying at these higher levels which is a bullish signal for the asset. The rally comes from the much-awaited US July inflation report. Came a few days ago.
“So far this year, bitcoin bulls have reacted positively to a modest increase in inflation, and the way the market has been over the past few days, the story seems no different this time around. More importantly, the rally has been on the rise. On-chain metrics are also good, with new BTC entities participating. However, one must be careful in the next few days as usually when BTC has a significant increase, historically corrections start soon, as Some traders look to book profits and exit their positions,” Zebpay said.
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