Total Crypto Market Cap Recovers $1 Trillion as Bitcoin, Ethereum and Altcoins Blow Out
Crypto Market Cap Surpassed $1 Trillion After Notable Double-Digit Weekly Gains in BTC, ETH and Multiple Altcoins at large cap.
Market Update
Crypto traders found reason to cheer on July 18 as the total market capitalization rebounded above the $1 trillion mark after weeks of widespread selling after the price of Bitcoin (BTC ) hit a yearly low below $18,000.
The green day for cryptocurrencies largely follows a positive day in traditional markets, which are up slightly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the July 27 Federal Open Market Committee meeting.
Daily performance of the cryptocurrency market. Source: Coin360While traders will welcome the positive price action from July 18, many analysts warn that the recovery is nothing more than a bear market pump. Let's take a look at the current top performers.
Bitcoin Holds a 16% GainData from Cointelegraph Markets Pro and TradingView shows that over the past week Bitcoin has risen significantly and at the time of writing, BTC holds a weekly gain of 16% from its recent low at $18,907.
BTC/USDT 1-day chart. Source: TradingViewThe major cryptocurrency now finds itself within the resistance found at its 200-week moving average, which also happens to be the upper boundary of the trading range BTC has been trapped since mid-June.
This level has proven to be difficult to crack over the past five weeks, as multiple attempts to break ab...
Crypto Market Cap Surpassed $1 Trillion After Notable Double-Digit Weekly Gains in BTC, ETH and Multiple Altcoins at large cap.
Market Update
Crypto traders found reason to cheer on July 18 as the total market capitalization rebounded above the $1 trillion mark after weeks of widespread selling after the price of Bitcoin (BTC ) hit a yearly low below $18,000.
The green day for cryptocurrencies largely follows a positive day in traditional markets, which are up slightly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the July 27 Federal Open Market Committee meeting.
Daily performance of the cryptocurrency market. Source: Coin360While traders will welcome the positive price action from July 18, many analysts warn that the recovery is nothing more than a bear market pump. Let's take a look at the current top performers.
Bitcoin Holds a 16% GainData from Cointelegraph Markets Pro and TradingView shows that over the past week Bitcoin has risen significantly and at the time of writing, BTC holds a weekly gain of 16% from its recent low at $18,907.
BTC/USDT 1-day chart. Source: TradingViewThe major cryptocurrency now finds itself within the resistance found at its 200-week moving average, which also happens to be the upper boundary of the trading range BTC has been trapped since mid-June.
This level has proven to be difficult to crack over the past five weeks, as multiple attempts to break ab...
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