The crypto market was down for the past few months but it has gradually stepped out of the trap. Most altcoins follow the BTC’s price chart resulting in a bearish signal. Since the past week, ETH has posted gain to its price chart with 25% up for the previous week.
On July 26, Ethereum was trading for $2,384.4 at 11:54 am with its gain of 10.08%, according to Coinmarketcap. This pushes ETH’s market capitalization to $274.94B of the total cryptocurrency market cap.
Significantly, Ethereum has been changing hands in between the range of $2,174.44 to $2,368.66 in the past 24 hours. Besides, this gain is considered as the largest per-day gain since July 21.
Ethereum had a good start from the beginning of this year. It had a good run until May, but Ethereum’s high gas fees and lack of scalability have turned the investors. As a result, ETH has been in a downtrend for the last month.
The fact that we are approaching the long-awaited London hard fork could also be a factor in ETH’s rise. Furthermore, the current price of ETH is still 45.75% lower than its all-time high of $4,366.10 on May 12.
Crypto Market Status
Bitcoin has recovered long-way from the start of last week. Currently, the BTCs trading price is $38,679.35 which is nearly 15% up in a day, according to Coinmarketcap. Bitcoin’s recovery pushes its market capitalization to $723.31B of the total cryptocurrency market cap.
Moreover, Polkadot and Chainlink have risen to the top of the list of top gainers in the last 24 hours. Each increased by more than 10%, with Polkadot increasing by nearly 15% and Chainlink increasing by 13%.
However, investors are excited to see the results of the crypto market this week. Many altcoins have also surged following Bitcoin’s suit. Following this, many believe that the crypto market is recovering.
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