After a few days of dabbling beneath the $40,000 mark, bitcoin has initiated a leg up, resulting in blasting above that level. Most altcoins are also in the green, with UNI surging more than 7%, and the crypto market cap has added more than $100 billion since yesterday’s low.

Bitcoin Reclaims $40K

The start of the work week didn’t go all that well for the primary cryptocurrency, which was gradually decreasing in value. It dropped to $37,200 on August 5th, which became a weekly low.

However, the situation has changed since then, and BTC is well in the green on a 24-hour scale. The cryptocurrency went on a tear, broke above $40,000, and went to a high of $41,400.

After it added more than $4,000 of value in hours, though, it retraced slightly and currently stands just beneath $41,000. Nevertheless, bitcoin is still more than 5% up in a day, and its market capitalization has risen to over $760 billion.

Moreover, BTC’s market dominance, the metric comparing bitcoin’s market cap with the rest of the altcoins, has increased by roughly 1% in a day to 46%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Surpassed $2.8K as UNI Surges 7%

The alternative coins have also enjoyed the past 24 hours, with Ethereum leading the pack. The network behind the second-largest cryptocurrency went through its long-anticipated London Hard Fork yesterday, and the price of the asset reacted well.

After dumping to $2,550, ETH spiked hard and added approximately $300 of value. As a result, it went as high as $2,850 (on Bitstamp) and marked a new two-month high. As of now, it has lost some steam and trades just below $2,800.

Uniswap is another impressive gainer with a 7.5% increase to just under $25. Aside from Chainlink, which has stalled, the rest of the larger-cap alts are also in the green.

This includes Binance Coin (2%), Cardano (1%), Ripple (2%), Dogecoin (2%), Bitcoin Cash (2%), and Litecoin (4.5%).

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

THETA has surged the most from the top 100 tokens with an 18% increase. Consequently, it trades above $7. Fantom (13%), OKB (12%), Voyager Token (11%), Ravencoin (10%), and Maker (10%) follow suit.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has increased by approximately $100 billion since yesterday’s low to close to $1.7 trillion.


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Cryptocurrency charts by TradingView.


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