The total market value of crypto takes back 1 trillion dollars when Bitcoin, Ethereum and altcoins break out
Crypto-traders found reason to celebrate July 18 when the total market value climbed back over $ 1 trillion after weeks of widespread sales after the Bitcoin (BTC) price swept annual lows below $ 18,000.
The green day for cryptocurrencies largely tracks a positive day in traditional markets, which is modest despite analysts’ speculation that the Federal Reserve intends to raise interest rates by at least 75 basis points at its meeting on 27 July.
While traders will welcome the July 18 positive price action, many analysts warn that the rise is nothing more than a bear market pump. Let’s take a look at today’s top athletes.
Bitcoin has a gain of 16%
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin has risen significantly in the last week, and at the time of writing, BTC has a weekly gain of 16% from the last lowest level of $ 18,907.
The upper cryptocurrency is now running right into the resistance found at its 200-week moving average, which also happens to be the upper limit of the trading area BTC has been trapped in since mid-June.
This level has proven to be a tough nut to crack over the last five weeks as several attempts to break over it have been met with rejection. It remains to be seen if Bitcoin manages to break free from this level and move higher or spend more time trading between $ 19,000 and $ 22,000.
$ BTC fighting the 200 week MA again. Rejected 3 times in the last 5 weeks here.
Decision time imo.
We have either a fat breakdown or fat breakdown. $ ETH has been the market leader so far, along with many other altcoins. Eruptions occur everywhere.
Can $ BTC follow? pic.twitter.com/6Cz49po8CH
– Taner ⚡️ (@Taner_Crypto) July 18, 2022
Ethereum Merge rise presents 43% rally
Ethereum (ETH) has also seen a surge in momentum and price over the past week, climbing 43% from a low of $ 1005 on July 13 to a daily high of $ 1530 on July 18, reaching its highest price since 12 June.
Ether has shown increased momentum since the successful completion of the merger on July 6 on Sepolia’s test network. A further boost to the price was given on 15 July when it was announced that the Main Merge is predicted to take place on 19 September.
While the September 19 date is still tentative and should be considered a roadmap projection and not a tough deadline, the prospect of the merger finally taking place after years of preparations is exciting to society and possibly increasing demand for Ether.
Related: The Bitcoin price is critically approaching the 200-week moving average as Ethereum approaches $ 1.5,000
MATIC continues to move
On the altcoin front, Polygon (MATIC) continues to lead the herd higher after a week of several major announcements, including being selected to participate in Disney’s 2022 Accelerator Program, which has gained 32.4% over the past 24 hours and traded close to resistance at $ 0.94.
Other notable gains on the 24-hour chart include a gain of 19.6% for STEPN (GMT), a gain of 18.9% for Theta Fuel (TFUEL) and an increase of 17.6% for Convex Finance (CVX).
The total market value of cryptocurrency is now $ 1.019 trillion and Bitcoin’s dominance rate is 41.6%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.
