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Last week the total cryptocurrency market valuation climbed from $995 billion to $1.08 trillion. The 8.5% increase in crypto market cap was most likely caused by the hype around the upcoming Ethereum Merge, which is the final step of Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus. ETH rallied by more than two times the market average, climbing from $1,365 on July 18 to $1,630 on July 25 (+19.4% price increase). As more developments concerning Ethereum are expected this week, Ethereum is our #1 coin to watch.
Lido DAO announced on Monday that it is bringing the platform’s stETH tokens to a wide range of Layer 2 (L2) networks, specifically those that have demonstrated sufficient “economic activity.” According to the company’s blog post, stETH won’t be available on L2 blockchain directly but rather through a new token called wstETH, which is a wrapped version of stETH.
Ethereum’s long-awaited switch from the resource-intensive Proof-of-Work (PoW) consensus algorithm to up to a 99% more efficient Proof-of-Stake (PoS) mechanism could take place in two months’ time. According to Ethereum developers Tim Beiko and Superphiz.eth, the Merge is currently planned to take place about a month after the Goerli testnet moves to PoS as the last Ethereum testnet to merge with the PoS Beacon Chain ahead of the Ethereum mainnnet upgrade.
The cryptocurrency markets finally showed some much-anticipated hints of recovery during week 25, as the total crypto market capitalization climbed from $940 billion to $990 billion. While $50 billion is a rather small weekly gain, it is the first market cap weekly increase in more than 7 weeks. In addition, the total market cap almost touched $1 trillion last week. We sincerely hope that the crypto market will confidently surpass $1 trillion this week. Whether this will materialize or not, we advise you to read out Top 3 Coins to Watch articles to get some ideas about which coins to follow in the upcoming week.
During the weekend, the price of Bitcoin dropped below the $18,000 mark and hit a 19-month low of $17,700. Much like Bitcoin, Ethereum and other digital assets also plunged to their respective multi-month lows as the cryptocurrency market cap shrinked to $852 billion.
Last week the total cryptocurrency market capitalization plunged below $1 trillion for the first time after January 2021 as bearish sentiment affected the trading of almost every major cryptocurrency. Towards the end of the week the cryptocurrency market bled out a few more billions, reaching a total market capitalization of merely $840 billion before slowly recovering back to $940 billion at the end of Week 24. While Bitcoin and Ethereum usually outperform the market average in such conditions, both biggest cryptocurrencies were hit hard by the most recent bear market. Both BTC and ETH dipped below their psychological support levels of $20,000 and $1,000 respectively for a short time and they both incurred weekly losses of almost 30%.
Yesterday’s cryptocurrency market bounce back was unfortunately short-lived as today a new bout of bearish activity sent the prices of digital assets deeper into a red zone. The roughly 10% drops in the value of Bitcoin and Ethereum comes at a time when exchange inflows reached the highest levels since 2018, signaling that crypto investors are liquidating their holdings at an expedited pace.
The cryptocurrency market has been in a state of gradual decline over the past couple of months. The rise in the interest rates and a generally conservative approach to investing has led to a considerable drop in the value of virtually all risk-off assets, from tech stocks to digital currencies.