Cryptocurrencies continue to rise, with bitcoin and ethereum leading the crypto market and driving their capitalization to very close to $2 trillion.
The quotes of Bitcoin (BTC) and Ethereum (ETH)both cryptocurrencies the industry’s most important, continue to show strength after the recovery of July 20. Since then, these cryptocurrencies have had an average growth of 45% in their price, showing values not seen 3 months ago. According to data from CoinMarketCap, the total capitalization of cryptocurrencies is $1.93 trillion at the close of this edition.
Although the recovery of BTC and ETH is currently leading the capitalization of cryptocurrencies, in the last week the value of several altcoins grew much more than that of these two cryptocurrencies, which for some analysts suggests the possible arrival of a new season of altcoins or “altseason”. However, it should be noted that altcoin season is defined by the performance of the Top 50 altcoins over the last 90 days; so the data from Blockchain Center show that it is actually Bitcoin season.
Of the top 50 cryptocurrencies in the industry, only 4 have outperformed Bitcoin in the last 3 months, with Axie Infinity’s token AXS leading the way.
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Top performing cryptocurrencies of the week
According to data from CoinMarketCap, the market capitalization of alternative cryptocurrencies, that is, excluding Bitcoin, has grown by 64% in the last month, showing a value of more than 1,046 million dollars.
The growth of altcoins in the last week has also been sustained, with value increases of up to 500%. The best known and highest performing altcoins in the last 7 days are IoTex (IOTX)whose value increased more than 520%; Internet Computer (ICP)with an increase of 82%; Axie Infinity (AXS)with an increase of 60%; XRPfrom Ripple Labs, with an increase of 42% and Dogecoin (DOGE), with an increase of 40%. Also, the tokens of DeFi show a significant recovery in the same period. For example, TrueFi (TRU) grew 227% in the last 7 days, Badger DAO (BADGER) 115%, SushiSwap (SUSHI) 34%, Curve DAO Token (CRV) 32% and 1inch (1INCH) 30%.
The current daily trading volume handled by the crypto industry is $130.6 billion. On the other hand, Bitcoin remains the most dominant cryptocurrency in the market, with 44%, while Ethereum dominates 19.5% of the current crypto market.
Updates: London and Alonzo Drive Crypto Value
Much of the driver of the new cryptocurrency bullish trend is the upgrade updates that have come, or are coming, to the industry. On the eve of the arrival of London, one of the most important updates of the Ethereum network, the value of the cryptocurrency rose significantly. The same as Cardano (ADA), which is about to activate smart contract functionality with the completion of its third Goguen era; which will culminate with the activation of the Alonzo update, which was divided into 3 phases on the network.
Ethereum and Cardano are two of the most important blockchain networks in the ecosystem, which allow developers to create decentralized applications and autonomous protocols, governed by code, that offer different value opportunities to their users. In addition, the functionality of smart contracts allows cryptocurrencies and tokens to be converted into “programmable money”, with incredible potential for the development of financial systems.
Also, a fall in the price of gold and the weakness of the US dollar are current drivers of the revaluation of cryptocurrencies. For the month of April. when Bitcoin reached its current all-time high, the cryptocurrency market reached a capitalization of $2.2 trillion.
IMPORTANT: Bit2Me News reminds you that before making an investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. Everything written here is for informational and educational purposes and should not be taken, under any circumstances, as investment advice or recommendations. We disassociate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another class of assets, you are solely responsible for the consequences that your decisions and actions may have.
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