- The cryptocurrency market capitalization is now $1.019 trillion.
- On July 18, crypto traders celebrated as the overall market capitalization reclaimed $1 trillion.
- The market is being driven by factors including strong technical indicators.
The cryptocurrency market capitalization has grown to $1.019 trillion, with Bitcoin’s dominance rate standing at 41.6 percent. The total value of all cryptocurrencies has increased by $274 billion in the past week. On July 18, crypto traders celebrated as the overall market capitalization reclaimed $1 trillion after weeks of widespread selling following Bitcoin (BTC) price plunging below $18,000.
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BTC’s Dominance chart, source: trading view
Data from TradingView shows that over the past week, Bitcoin has rallied significantly and at the time of writing BTC holds a 16% weekly gain from its recent low at $18,907. Bitcoin, the top cryptocurrency now finds itself running square into the resistance found at its 200-week moving average. A move and close above this key level could set BTC up for a push towards $40,000 in the near term.
The price of Ethereum (ETH) has also increased significantly over the last week, climbing 43% from a low of $1,005 on July 13 to a daily high of $1,530 on July 18, which was its highest level since June 12.
On the altcoin front, Polygon (MATIC) continues to lead the pack higher following a week of several major announcements including being selected to participate in Disney’s 2022 Accelerator Program, gaining 32.4% over the past 24 hours and trading near resistance at $0.94.
The market is being driven by a combination of factors including strong technical indicators, increasing institutional inflows, and favorable regulatory developments.
Analysts however believe that the market is primed for further growth in the near term as Bitcoin continues to attract mainstream attention and institutional investors continue to pile into the market.
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