Following a dip to $37,500, bitcoin initiated an impressive leg up that resulted in touching $40,000 once more. The Altcoins are all in green, too, with ETH leading the way. This comes on the day that the second-largest blockchain is scheduled to go through with its London Hard Fork upgrade.

Bitcoin Tested $40K But Fell

Ever since the positive weekend in which BTC went as high as $42,600, the primary cryptocurrency was struggling. In the following three days, it was gradually declining in value, losing one support after another.

This culminated yesterday when the asset fell to a weekly low of $37,500 (on Bitstamp). However, the bulls stepped up at this point and reversed its trajectory.

In the following hours, bitcoin started increasing against the dollar and added roughly $2,500 of value. As a result, it went to approximately $40,000.

Nevertheless, the test was unsuccessful, and BTC dipped once more. As of writing these lines, the cryptocurrency trades just beneath $39,000, but it’s still about 2.5% up on the day.

Its market capitalization has remained well above $700 billion, but its dominance over the altcoins has reduced as most of them have outperformed their leader.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Taps 2-Month High Ahead of London Hard Fork

As previously reported, the Ethereum blockchain is scheduled to go through the London Hard Fork today, on August 5th. The anticipation for the event, which should decrease the fees on the network, didn’t result in any gains in the past few days as the token fell below $2,500.

However, the situation is significantly different today. ETH bounced off from the low and skyrocketed to just under $2,800. This became its highest price line in almost two months – since June 8th. Despite retracing slightly since then, the asset is still 8% up on a 24-hour scale.

Polkadot, Uniswap, and Solana are also well in the green since yesterday with 9-10% increases.

Binance Coin, Cardano, Ripple, Dogecoin, Chainlink, Bitcoin Cash, and Litecoin have marked more modest gains in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


From the lower- and mid-cap alts, Aave has surged the most. AAVE is up by 19% and trades above $360. Voyager Token follows with an 18% increase. BitTorrent (15%), Compound (15%), Synthetix (12%), and TRON (10%) are next.

Ultimately, the cumulative market cap of all crypto assets has added roughly $80 billion in a day and has reclaimed $1.6T.


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Cryptocurrency charts by TradingView.


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