Crypto Market Reaches $2 Trillion Again With Bitcoin, Ethereum in the Lead

Kavya  |  Aug 12, 2021

According to CoinGecko statistics, the market value of the whole crypto market has crept back above $2 trillion today for the first time since May 19, as Bitcoin and Ethereum are leading the way.

Bitcoin And Ethereum Are Leading the Way for Crypto Market

The total value of the world's cryptocurrencies surpassed $2 trillion for the first time in almost three months Wednesday afternoon, indicating a surge of fresh optimism in the field that has boosted major cryptocurrencies bitcoin and ether, as well as a host of lesser cryptocurrencies.

Bitcoin has increased by more than 20% in the previous week and is presently trading at about $46,500. The market's uncontested leader remains the benchmark cryptocurrency, accounting for much to 43.7% of its total value.

But it's not the only Bitcoin that's driving the market's recovery. Ethereum, which underwent its anticipated London hard fork last week, is presently beating BTC, rising 28.4% in the previous seven days. ETH is now trading around a three-month high of $3,270.

The Cryptocurrency Market Reaches $2 Trillion Again

BNB, XRP, Polkadot, Solana, and Litecoin all rose by more than 20% throughout the week, contributing to the market's rise.

Cardano (ADA), the market's fifth-largest cryptocurrency, is also a significant contribution to the total increase. 

The project is directed by Charles Hoskinson, co-founder of Ethereum, and it is now awaiting the delivery of its long-awaited smart contracts.

Smart contracts are simply lines of computer code that allow the native currency of a blockchain to become "programmable." 

This is what has fueled the multibillion-dollar DeFi market on Ethereum, which involves lending, borrowing, and trading crypto assets without the need of middlemen like banks.

The price of Cardano’s native coin, ADA, has increased by 20.5% in the previous 24 hours and by a bigger 37 percent in the last week.

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