Crypto Market Rises – Bitcoin Reaches $7,500
The Crypto Market is in good shape this July the 21st. The upward momentum has continued during all the week. The top ten altcoins are regaining strength, up to 8 percent, according to CoinMarketCap.
The most important cryptocurrency in the market is currently being traded around $7,436, dollars at the moment of writing this article. Bitcoin (BTC) recorded an intraday low of $7,246, which is just under 1 percent for the day.
The captain of the altcoins, Ethereum (ETH), has seen a more significant growth in the last 24 hours. With an increase of almost 5 percent and a price of $464 dollars, at the moment of writing. ETH has registered weekly earnings of nearly 8 percent, peaking at over $500 on July the 18th.
The total market capitalization of all cryptocurrencies is now around $282 billion dollars, currently at $282.7 million, an increase of about 2 percent in the last 24 hours so far. The total market cap has fallen from this week's peak of almost $300 billion.
Within the top ten cryptocurrencies, according to CoinMarketCap, Stellar (XLM) and IOTA (MIOTA) are the ones that have risen the most during the day. With growth of over 7 percent for XLM and almost 5 percent for MIOTA.
Cardano (ADA) has had the lowest 24-hour growth in the top ten, it is up only 1.53 percent. However, the ADA as such is experiencing a strong growth during the week, with a 23 percent price increase.
On July the 20th, the Chicago Mercantile Exchange (CME) reported that the average daily volume of BTC futures has increased 93 percent in the second quarter over the first quarter. The number of open contracts in BTC futures has also increased by 58 percent.
The growth of the crypto market this week received a new boost on July the 20th, when the CEO of BitMEX suggested that Bitcoin's current bullish run could give way to a price level of $5,000 before heading for $50,000 in 2018, as he has been predicting all this year.
There are other cryptocurrency experts that believe that the market will see new highs this year or, at least, during the next months.