On Tuesday, July 24th, the cryptocurrency world saw a major boost in the market cap, which passed the $300 billion market. This is the first time it has reached such a height since the middle of June, which is supporting the growing excitement and optimism that the community has needed.
The main reason for the market cap surge is directly correlated with Bitcoin’s price shooting over the $8,000 market, putting them in the drivers seat for this thrilling progress. Bitcoin has actually gotten up to $8,363, but the end of the day put the price at $8,229 instead, which is still a gain of over 6%. As it stands, BTC’s market cap alone is $141.1 billion, which covers about 47% of the market.
According to analysts in the crypto community, this new rally is a good sign that institutional investors are starting to get involved in this asset. However, some people are worried that the market’s price could be prematurely based on the ideas that the regulators are certainly going to approve the proposed Bitcoin ETF at the SEC.
Along with the improvement in the price of Bitcoin, the boost past the new market cap also was due to altcoin prices rising. The trends typically follow the price of Bitcoin, but the recent performance in the market has dispelled that idea lately. Bitcoin seemed to rise rapidly, while altcoin values struggled. However, there were some major cryptocurrencies that rose with Bitcoin and the U.S. dolar.
Ethereum and XRP managed to go up by 3% ($481) and 4% ($0.47), respectively. Bitcoin Cash and EOS managed to rise by over 6%. Stellar increased its price by over 5%, which gave them a little space between themselves and Litecoin, which only increased by 4%. XLM and LTC stand at their current prices of $0.30 and $88.
Of the cryptocurrencies that are usually the top performers, Cardano and IOTA fell behind, with their increases only bringing in another 3%. Number 10 on the top-tier cryptocurrency list is Tron, which still boosted by 11%, bringing their individual market cap to $2.5 billion.