As a seasoned crypto investor with several years of experience under my belt, I’ve witnessed countless market fluctuations and unexpected events that have shaped the cryptocurrency landscape. This week has been particularly intriguing, with the total capitalization surging past $2.5 trillion and Bitcoin and Ethereum leading the charge with impressive gains.
The past week has seen significant growth in the cryptocurrency market. The total value of all cryptocurrencies combined has surpassed $2.5 trillion for the first time, with a rise of over $250 billion. This upward trend is due to substantial gains experienced by most cryptos.
The assassination attempt on US presidential candidate Donald Trump appears to have been a turning point in the market’s recovery. This significant event instilled confidence in many investors, who now believe that Trump’s chances of winning the presidency have grown stronger as a result.
Recently, he has displayed a strong positive attitude towards the cryptocurrency sector and is scheduled to attend the Bitcoin conference in Nashville later this month. This development has instilled confidence among investors that the industry may thrive during Trump’s presidency.
And flourish they did…
The value of Bitcoin has surged by an impressive 14% over the past week, approaching a significant hurdle at $66,000. Notably, it previously attempted to breach this level earlier in the week but faced strong opposition from sellers, causing the price to dip down to around $63,000.
Buyers have managed to bounce back and are currently aiming for a new 1-month peak. Similarly, Ethereum has risen approximately 12% and is making an effort to surpass the significant resistance at $3.5K.
Unfortunately, not everything went smoothly today. India’s primary cryptocurrency trading platform, WazirX, fell victim to a cyberattack. The incident resulted in the loss of approximately $230 million, which represents nearly half of the exchange’s reported reserves from last month. As a result, the exchange’s future now faces significant uncertainty.
In other parts of the market, there’s great excitement as the debut of Ethereum spot ETFs is predicted to occur soon – specifically on July 23rd.
In summary, this week was filled with many events, and it’s worth noting that there’s much more excitement to come in the upcoming weeks.
Market Data
Market Cap: $2.5T | 24H Vol: $88B | BTC Dominance: 51.5%
BTC: $65,318 (+14%) | ETH: $3,441 (+10.4%) | BNB: $578 (+9%)
This Week’s Crypto Headlines You Better Not Miss
Amidst the unsuccessful assassination attempt on US presidential hopeful, Donald Trump, there occurred significant fluctuations in the crypto markets. This volatility ensued due to investors’ belief that Trump’s survival of the incident increased his chances of winning the election, thereby leading to market rallies.
“Decoding the WazirX Cyberattack: A Look at the Scale of Damage and Recovery Prospects”
Vitalik Buterin, the founder of Ethereum, encourages the crypto community to expand their political support beyond just being pro-crypto. He highlights the importance of upholding values like individual freedoms when engaging in political activities.
On September 4, 2021, Polygon is scheduled to undergo a significant mainnet update based on the community’s endorsement of the proposed plan. During this upgrade, the use of the MATIC token as the native currency will give way to the new POL token.
As a seasoned financial analyst with over two decades of experience in the markets, I have witnessed numerous trends come and go. However, none have piqued my interest quite like the recent surge in Bitcoin exchange-traded funds (ETFs).
OKX Announces Exit from Nigerian Market: Here’s What Affected Users Should Do
Charts
As a seasoned crypto trader with years of experience under my belt, I’ve closely observed the price trends of Ethereum, Ripple, Binance Coin, Shiba Inu, and Toncoin this week. To delve deeper into their respective price movements, I invite you to explore our comprehensive chart analysis by clicking here.
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2024-07-19 18:45