Crypto Markets See Solid Upswing, Bitcoin Pushes $7,500
Crypto markets seeing mostly green, with altcoins regaining strength and Bitcoin holding solidly above $7,400.
Crypto markets are seeing mostly green today, July 21, continuing the momentum of this week’s upswing. The top ten altcoins are solidly regaining strength today, up as much 8 percent, according to Coin360, with Bitcoin (BTC) only slightly in the green, hovering near yesterday’s levels.
Market visualization from Coin360
The top cryptocurrency is currently trading at $7,426 at press time, up just under 1 percent on the day. Bitcoin saw an intraday low of $7,246.
Low point in Bitcoin’s 24-hours chart. Source: Cointelegraph Bitcoin Price Index
Top altcoin Ethereum (ETH) has seen more significant growth over the past 24 hours, up almost 5 percent and trading at $466 at press time. The altcoin is holding weekly gains of almost 8 percent, peaking at over $500 on July 18.
Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index
Total market capitalization of all cryptocurrencies is hovering around $282-283 bln, currently at $282.7, up about 2 percent over the past 24 hours to press time. Total market cap is down from this week’s peak of almost $300 bln.
Total market capitalization chart. Source: CoinMarketCap
Other than stablecoin Tether, Cardano (ADA) is seeing the least 24-hour growth of the top ten coins, up only 1.53 percent. Cardano is however seeing major growth on the week, boasting a whopping 23 percent price increase.
Yesterday, July 20, the Chicago Mercantile Exchange (CME) reported that BTC futures daily average volume has increased by 93 percent in Q2 over Q1. The number of open contracts on Bitcoin futures also increased by 58 percent.
This week’s crypto market growth got further encouragement yesterday, July 20, when the CEO of crypto trading platform BitMEX suggested Bitcoin’s current bull run may give way to a price point of $5,000 before heading to $50,000 in 2018.