Ethereum and Bitcoin have again started their rally, after a week of schemes that involved pump and dump messed up the entire crypto market. In fact, with things appearing to be much clearer and settled now, both Bitcoin and Ethereum have gotten into a set pattern for progress. According to Nomics, a data company, the market cap on a global scale has increased by about 6.9%. Currently, most of the projects have a value of around $1.12 trillion- which is equal to around 15% of the total market cap of gold.
How Is Bitcoin And Ethereum Faring In The Cryptocurrency Market?
As expected, the progress has come on the shoulders of both bitcoin and ethereum. The two cryptocurrencies currently create around 75% of the market cap of all crypto. This entails that when there two cryptocurrencies have a good day, the entire market benefits from that.
Incidentally, bitcoin did see an overnight gain of about 6.9%- with several investors already funding the currency. This is quite impressive with the entire crypto market having an average start to the month. Data from Nomics states that the volume of trading has gone up by around 5% over a few hours. Also, the current activity has led to the position of Bitcoin into an overbought category- as stated by Market Milk. It has been assumed that a few indicators of a technical nature would be sliding the same way too.
On the other hand, Ethereum has been adding around 10% to its total market cap- which implies the second day of gains at a double-digit level. This rally with good fortune does elevate the entire project above the point of $1,500 for literally the first time. This would also entail staying at that level for quite a period of time. And the sole reason for the projects of bitcoin and ethereum to increase- DeFi.