Mark Weaden
The cryptocurrency market soars beyond $2 Trillion for the first time since the May dip
We saw many cryptocurrencies reach their all-time highs (ATH) back in May. But, with the looming China crypto, concerns over environmental impact, and amidst regulatory debates across the globe, the price of Bitcoin almost halved.
However, we are now seeing the rebound, with prices of major currencies soaring and moving back towards the ATH’s we saw earlier in the year. Bitcoin (BTC) has led the rally since then, climbing to almost $50,000 today.
The crypto market sank as low as $1.19 trillion back in July but has since almost doubled as the price approaches $2.5 trillion. The issues the industry has faced in recent years have mostly been resolved or the wheels are in motion to fix any problems, meaning investors have reassessed the market and trading volume has increased significantly.
What other coins are performing well?
While the focus of the market’s performance always centres around cryptos gold standard coin (BTC), we have also seen some growth across the board in terms of major coins and rising stars.
BTC’s younger brother Ethereum has climbed 11% in the last seven days after we saw the London Fork update coming through towards the end of last week. Many are backing Ether as the projection for the value of the Ethereum-blockchain is extremely promising for investors. The London update will be followed by the Shanghai update in October, as the blockchain marches closer to Ethereum 2.0 and reaches new heights for its capabilities.
Aside from Ethereum we’ve also seen Solana (SOL), which is a web-scale blockchain providing fast, scalable decentralized apps and marketplaces—it’s one of the blockchains that has played a big part in the rapid development of the NFT marketplace, with the coin reaching an all-time high of over $60 this week.
Cardano (ADA) is another that has witnessed a huge climb in recent days, achieving an upper limit of $2.16. The Alonzo upgrade and the use of the Cardano blockchain in the NFT market have certainly been a catalyst for gains and we could see the price rise even further in the coming weeks.
Many in the industry are predicting that we’ll see coins break their all-time highs in the coming weeks. The forecast is very good for the tail-end of 2021, as many coins including industry leaders BTC and ETH that may reach new ATH’s before the year is out.
