Crypto Market Tops $2 Trillion Again With Bitcoin, Ethereum Leading the Way

Aug 11, 2021 | Decrypt News | 0 comments

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As Bitcoin and Ethereum stage a comeback, the market capitalization of the entire crypto market crawled back above $2 trillion today for the first time since May 19, according to data from CoinGecko.

Bitcoin is up by more than 20% in the last week and is currently changing hands at around $46,500. The benchmark cryptocurrency is still the market’s undisputed leader, responsible for as much as 43.7% of its entire value.

But it’s not just Bitcoin behind the market’s resurgence. Ethereum, which went through its scheduled London hard fork last week, is currently outperforming BTC, having recorded a 28.4% rise over the past seven days. At the moment, ETH is trading at a near three-month high of $3,270.

Other major altcoins contributed to the market’s growth, with the likes of BNB, XRP, Polkadot, Solana, and Litecoin all rising by more than 20% over the week.

Cardano (ADA), the fifth-largest cryptocurrency in the market, is another notable contributor to the overall surge. The project is led by Charles Hoskinson, one of Ethereum’s original co-founders, and it is currently awaiting the arrival of its long-anticipated smart contracts functionality.

Smart contracts are essentially just lines of computer code that allow a blockchain’s native currency to become “programmable.” This is what has enabled the growth of the multi-billion-dollar DeFi market on Ethereum, which entails lending, borrowing, and trading crypto assets without intermediaries such as banks.

Caradno’s native coin, ADA, has seen a 20.5% rise in price over the last 24 hours, and a larger 37% increase over the last week.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

News Source from Decrypt.co

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