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Tuesday, July 16, 2024

Crypto market cap hits new all-time high as BTC, ETH soar

Bullish momentum has returned to the cryptocurrency market, it reached to all time high, with Bitcoin leading the charge towards new all-time highs.

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The total market capitalization of all cryptocurrencies reaches to new all-time highs on Wednesday, capping off a dramatic months-long recovery that reaffirmed the bullish narrative for Bitcoin (BTC) and Ether (ETH).

Bitcoin All time high

According to the CoinMarketCap – The overall crypto market now worth $2.63 trillion on Wednesday. Bitcoin and Ethereum now the two largest crypto currency in the world  with a market share of 47.5% and 18.2% of the total marketcap.

The total crypto market volume over the last 24 hours is $104.08B, which makes a 14.03% increase. The total volume in DeFi is currently $13.30B, 12.78% of the total crypto market 24-hour volume. The volume of all stable coins is now $78.76B, which is 75.68% of the total crypto market 24-hour volume.

A buying frenzy in the market lifted Bitcoin to new record highs, as the flagship cryptocurrency touched an intraday peak of $67,016.50. Ether, meanwhile, crossed the $4,000 mark for only the second time since May. With the exception of stablecoins, every cryptocurrency in the top-ten market cap rankings printed gains.

The new market cap peak marks an important milestone for digital assets after a months-long correction during the summer threatened the bullish narrative. During the low point of the summer correction, the crypto market cap plunged below $1.2 trillion.

A pair of Bitcoin ETF approvals in the United States appears to have sparked the latest rally for BTC and the broader crypto market, though bullish momentum has been building for months. A favorable macro environment, strong on-chain fundamentals and technical confirmation of a July bottom helped to secure Bitcoin’s relief rally over the past three months.

 

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