The crypto market holds over $1 trillion as Nexo leads the top 100 coins
The cryptocurrency market cap, amid weeks of heightened volatility, is holding above the $1 trillion mark as the market awaits Federal Reserve Chairman Jerome Powell’s speech to the annual Global Central Bank Conference in Jackson Hole, Wyoming, on August 26.
Currently, the global crypto market cap is $1.03 trillion, up 0.29% over the past day, according to data obtained from CoinMarketCap on August 24. Meanwhile, the crypto market volume in the previous 24 hours is $68.83 billion, which is 1.43%. decrease.
Nexo leads crypto market gains
The original token of the Nexo platform, NEXO, is now the best performing cryptocurrency among the top 100 cryptocurrencies by market capitalization. In fact, the Nexo 100 leads the pack over the past 24 hours with as much as 11.5%, followed by Waves (WAVES), which is surpassing 9%, and Helium (HNT), with over 9% gains.
The entire market is still gradually recovering from the latest drop, and NEXO’s upturn is happening at the same time.
The NEXO token has been on the rise since the development team discussed their strategies for the upcoming Ethereum (ETH) merger. The group has indicated that it is on board with Ethereum’s transition to Proof of Stake (PoS).
Despite this, in the event of Proof of Work (PoW) forks occurring, Nexo will consider the logistics and assistance for distribution. If the network is robust and offers significant value to users, Nexo will send the forked tokens into the accounts of those users.
NEXO may be able to break through the first major resistance level at $1,172 in the coming hours or days if the bullish momentum continues as it has been. But breaking above the $1.40 psychological barrier for the first time since May would require support from the larger cryptocurrency market.
Antoni Trenchev, co-founder of crypto-lending platform Nexo, also suggested that the initial success of the merger is the key to driving Ethereum much higher.
Bitcoin and Ethereum price
Finally, after gaining more than 2% in the last 24 hours, Ethereum is looking to break above the resistance point around $1,700.
Meanwhile, flagship digital asset Bitcoin (BTC) is currently down a marginal 0.54% over the past 24 hours and another 10.21% over the past seven days, with a total market cap of $409 billion, at press time.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
