Altcoins In Deep Green As Bitcoin Skyrockets: Market Cap Heading To $350 Billion

cryptopotato.com 2020-08-01 10:30
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Green is the predominant color in the cryptocurrency markets, with some massive gains across the leading cryptos. Bitcoin marked a new yearly high of above $11,700, while Ethereum exceeded above the $350 level.

Bitcoin Rejoice At A New Yearly High

Bitcoin’s first days in July were rather dull as it traded sideways in a tight range. It appears, however, that the primary cryptocurrency doesn’t want to repeat this dullness in August. During the past three days, BTC headed upwards from about $11,100, where it primarily traded yesterday to a new yearly high marked just minutes ago of $11,730 on Bitstamp.

BTCUSD 5m. Source: TradingView

With this bullish breakout above the resistance and previous yearly high of $11,400, Bitcoin has dismissed the arisen fears that it may head for a correction because of the CME gap that was left open at $9,600. However, it remains to be seen if the asset could successfully close about $11,600 and aim for the psychological level of $12,000.

Interestingly, the price increase comes shortly after Russia passed a bill that prevents Russians from using BTC as a means of payment.

Altcoins Follow Their Leader

Bitcoin wasn’t alone on its way up as most altcoins followed suit. Ethereum increased its value by over 7% to $357, while Ripple continued its weekly surge by another 8% gains to $0.266. Thus, XRP has surged by 30% in the past week from $0.20.

Bitcoin Cash and Bitcoin SV were also on the move by 7% and 12%, respectively. Litecoin, EOS, Stellar, and Monero increased their positions similarly – around 5%.

Cryptocurrency Market Overview. Source: coin360.com

While their 24-hour gains are impressive, Ampleforth is in a league of its own. After consecutive days of tanking, AMPL is up by over 70% now to above $1.20, meaning that its protocol can start rewarding investors with tokens (positive rebase), once again, if the price holds above $1 on a daily average.

The double-digit increase club also sees Swipe (20%), Aurora (15%), Synthetix Network (11.24%), and Zcash (10.5%). Contrary, Digitex Futures (-22.5%), Elrond (-13%), and Bancor (-11%) are the worst-performing top 100 coins in the past 24 hours.

Nevertheless, the impressive gains amongst most digital assets have increased the total market cap by 4.5% since yesterday, from $327 billion to $342 billion.

Total Market Cap 1d Movement. Source: CoinMarketCap