Bitcoin and other cryptocurrencies across the market continued to gain on Monday as comments made by Ark Investment Management LLC’s Cathie Wood and Tesla’s CEO Elon Musk drove the prices higher. Bitcoin prices as far as 15 per cent to hit the mark of $39,544 over the last 24 hours as per a report by CoinDesk. However, at 09:26 IST, the coin leading crypto coin was listed at $38,187.47 on CoinMarketCap with an 11.64 per cent upward trend over the last 24 hours. Over the past seven days this upward trend gained by 20.99 per cent as per the cryptocurrency website. With a market cap of $715 billion, the digital asset sits closer to a comfortable $40,000 margin. This is a significant increase from last week’s price where the coin appeared to be at risk as it plummeted below the $30,000 mark. The second-largest coin, Ether or Ethereum, rose to a high of $2,322.95 at the time of this article with an upward trend of 7.82 per cent over the past 24 hours. This is a 23.04 per cent increase over the past seven days for Ether.
The global cryptocurrency market cap went up by 8.50 per cent over the last day as it hit a price of $1.52 trillion. Over the last 24 hours, the changes in the market made the market volume stand at $89.26 billion which indicates an increase of 27.25 per cent as per information on CoinMarketCap. The total volume of DeFi is currently at $10.10 billion which is 11.32 per cent of the total 24-hour crypto market volume. The volume of all the stable coins, relatively speaking, is now at $72.08 billion, which is 80.76 per cent of the total crypto market for its 24-hour volume, as per reports.
This sudden increase comes days after ‘The B Word’ conference which featured panellists Elon Musk, Cathie Wood and Twitter’s CEO Jack Dorsey. In the conference, Musk was quoted as saying that he wanted to see Bitcoin succeed and even attested to the fact that both he and his company owned Bitcoin, while the former owned multiple coins such as Dogecoin and Ethereum as well. Wood and Dorsey also praised the coin as Wood said that companies should consider Bitcoin for their balance sheets. Dorsey on the other hand said that the coin is resilient.
Last week, Musk also put out that his electric vehicle company, Tesla, would likely resume accepting Bitcoin as a means of barter, once the company carries out some due diligence. This due diligence was regarding the energy needed to mine said coins and the cost on the environment. The EV company had earlier suspended the acceptance of this crypto asset in May, which contributed to its record-low slump.
On speaking on the developments in the crypto market, Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said, “The sentiment across the crypto spectrum remained divided between the bulls and the bears. The initial part of the weekend belonged to the bulls, where most of the top cryptocurrencies posted modest gains. The remainder of the weekend and the last 24 hours were comparatively shaky. Crypto investors remained on their toes with the market moving from an indecisive range to a profit booking session. Investors would be hoping that this turns out to be a mere profit booking session and not an intense selloff. The coming 24 hours would be pretty interesting as traded volumes would increase as nations come out of the weekend. The pivot levels to watch out for are $35,000 in Bitcoin and $2300 in Ether."
Here are the top cryptocurrencies and their prices on July 26, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $38,334.59 or 12.11 per cent change in 24 hours
Ethereum $2,314.83 or 7.57 per cent change in 24 hours
Binance Coin $321.35 or 7.55 per cent change in 24 hours
Cardano $1.33 or 9.46 per cent change in 24 hours
Dogecoin $0.2232 or 15.05 per cent change in 24 hours
XRP $0.6604 or 9.73 per cent change in 24 hours
Polkadot $14.88 or 11.93 per cent change in 24 hours
Uniswap $19.65 or 9.57 per cent change in 24 hours
Bitcoin Cash $496.44 or 10.63 per cent change in 24 hours
USD Coin $0.9999 or 0.00 per cent change in last 24 hours
Litecoin $136.58 or 9.31 per cent change in 24 hours