The market cap of the cryptocurrency sector is closing in on the $300 billion mark as Bitcoin, and a wide range of other leading cryptocurrencies, have been experiencing decent gains over the past few hours.
Bitcoin Hits $10,000
The cryptocurrency market is fast approaching the $300 billion market cap mark, with Bitcoin and numerous other cryptocurrencies recording gains. Bitcoin hit a high of $10,135 during the early morning trading session on Sunday, July 26. Interestingly, Ethereum has been leading the latest market charge.
At the time of writing, it is evident that the crypto market has become a force to be reckoned with as several cryptocurrencies experienced a massive surge in value. Bitcoin was up by 2.3% on Sunday, with its market cap surpassing the $180 billion mark for the first time this year. Despite its increasing price, BTC’s dominance ratio currently stands at 61%, which is the lowest it has been since June 2019.
Bitcoin touched the $10,000 mark on Sunday, the first time it has done this since the first week of June. Ethereum, however, has been the best performer amongst the leading cryptocurrencies, as it is now trading at $311 per coin. ETH was up by more than 3.6% on Sunday and it is already up by 30% so far this week. This is higher than the 8% Bitcoin has gained over the past seven days. ETH is up by 33% during the last 30 days, with its 90-day price change now standing at +58%. Several cryptocurrency speculators believe that Ethereum’s DeFi and stablecoin boom have been key to pushing the coin’s price to a new 2020 level.
Other Cryptos Surge Ahead
Bitcoin and Ethereum are not the only winners. Bitcoin Cash (BCH) surged to $253 on Sunday morning, but it has since plunged by 1.3% to trade at $247 at press time. The 30-day and 90-day performance of BCH is 7% and 1.7%, respectively. Over the past year, the Bitcoin Cash price remains down by 19% despite the recent rally.
The market cap of BCH is $4.5 billion, and there are 18 million coins currently in circulation. Its market cap represents just 1.5% of the total $299 billion market cap of the crypto market. At the time of this publication, USDT is responsible for 61% of today’s BCH trades, with BTC accounting for 17.5%, USD for 5.53%, KRW for 5.16%, and TWD for 3.40%.
The biggest gainers on Sunday include coins such as Elysian (ELY 61.02%) and Datawallet (DXT 40.79%). The other top performers include Elrond (ERD 25.12%), and Travala (AVA 25%). However, the biggest losers of the day were starbase (STAR -29.16%), Zap (ZAP down by 27.47%), KaratGold Coin (KBC down by 23.09%), BOScoin (BOS down by 21.54%), and yearn.finance (YFI down by 21.31%).
Amongst the Simple Ledger Protocol (SLP) tokens, LEX Coin (LEXC up by 8.4%) and Brave Sound token (BRST is up by 7.1%) were the top performers. The tokens Spice (SPICE down by 1.6%) and Sideshift.ai’s SLP-token (SAI down by 0.12%) were the top SLP losers.
In general, most cryptocurrency traders are bullish as the digital coins have been outperforming gold, though it crossed the $1,900 mark today. Ethereum reached a high on Sunday that has not been seen for more than a year. However, despite the recent rally, ETH is still 78% down from its all-time high price that was achieved three years ago. Bitcoin is faring better as it is down by 50.5% from its all-time high of $20,000 achieved in 2017.