• 14 July, 2024
Market News

Crypto Market Soars: Bitcoin Breaks $47K, Ethereum Holds Strong – What’s Next?

In a remarkable week for the cryptocurrency market, the total market cap has experienced a significant upturn, marking a 5.9% increase. As highlighted by Santiment, an analytic platform, this surge is coupled with a dramatic 65.4% rise in trading volume compared to the previous week. Such momentum has notably bolstered altcoin interest, as leading cryptocurrencies, including Bitcoin and Ethereum, have seen impressive gains. 

Bitcoin notably surged past the $47,000 threshold, while Ethereum has maintained its position above $2,500. Additionally, altcoins such as XRP, Solana, and Cardano have joined the rally, indicating a broad-based rebound across the crypto spectrum.

Bitcoin has led the charge with a substantial 3.21% increase, reaching $47,409.13. This gain comes alongside a significant 35.45% rise in its trading volume, which now stands at $36.43 billion. Hence, Bitcoin’s market cap has escalated to $930.43 billion, underscoring its dominant position in the market. 

Ethereum, not far behind, has recorded a 2.55% gain, pushing its price to $2,510.03. The Ethereum market is now valued at $301.56 billion, with a notable 24.37% increase in trade volume.

Moreover, Binance Coin (BNB) has also seen a positive adjustment, increasing by 1.30% to $325.10, despite a slight 4.91% decrease in trade volume. Solana, experiencing a 5.66% uplift to $109.96, and XRP, climbing to $0.526 with a 1.46% increase, both reflect the widespread enthusiasm in the altcoin market. Cardano’s modest gain of 1.43% to $0.5388, however, was met with a 26.17% decline in trading volume, indicating a mixed response from traders.

The meme coin sector, represented by Dogecoin and Shiba Inu, has also seen positive movements. Dogecoin rose by 1.70% to $0.08171, while Shiba Inu increased by 1.35 % to $0.000009437. Notably, Pepe Coin and Bonk have emerged as significant players, with Pepe Coin gaining over 6%, priced at $0.051028, and Bonk experiencing a 24.30% surge, trading at $0.000013. This indicates a diversifying interest among investors toward meme coins.

Additionally, the Sui cryptocurrency has captured attention with a 13.04% increase to $1.77, coupled with a significant spike in trade volume. This suggests a growing investor interest in new and emerging digital currencies. The overall landscape of the cryptocurrency market this week paints a picture of robust growth, investor confidence, and a notable rally across both major and minor digital assets.

Price Source – CoinMarketCap

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