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BTC and ETH Soar as Total Crypto Market Cap Climbs to $1.8T

by todayminutes
August 8, 2021
0

It has been an eventful 24 hours for the crypto market, as front-runners bitcoin (BTC) and Ether (ETH) show significant growth. Increases that have brought an additional $140 billion to the market. These gains in turn propel crypto’s total market capitalization to $1.8 trillion.

Since collapsing in May, BTC’s price has notably floundered. It has either hovered just below the $40,000 mark, at times managed to creep just above it, and others sunk further to the levels of $32,000 or $33,000.

However, reports and data both indicate that the world’s most valuable cryptocurrency by market cap is on an uptick, as its price surpassed $43,000. At the time of press, BTC had a value of $44,440 according to CoinMarketCap, which by all indications is the most valuable the asset has been since May.

Meanwhile, ETH, the second-most valuable cryptocurrency by market cap, has reportedly climbed by 24% in the space of a week. Data showed that it ended July with a price of $2,537.51, before making a however turbulent climb up to $3,083.41 at time of press.

This price surge may be due, in part, to the Ethereum London hard fork upgrade, which occurred on August 5. That said, reports revealed shortly after that the EIP-1559 upgrade had burnt $10 million worth of ETH. The reports  also indicated that millions more ETH could yet be burned this year.

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