Crypto market jumps to green, bitcoin, ethereum, EOS and altcoins rise

Last Updated: 22 August 2022

Finally, the weekend is over! Most cryptocurrency prices had a couple of bad days and saw big drops. But at the beginning of the week, the market is turning (slightly) green.

Total crypto market value rises

The market capitalisation for cryptocurrency rose by 1.27% to 1.07 trillion euros. That sounds like a lot, but a year ago, the total value was 50.59% higher than today. Bitcoin accounts for 38.55% of the crypto market and has a market capitalisation of 412 billion euros.

Market capitalisation is calculated by multiplying the total number of all available coins by the current price.

Stablecoins such as USDT and USDC are also included in this calculation. They are worth 154 billion euros and account for 14.4% of the total value.

Bitcoin Rising Slightly

If the bitcoin price is rising, then the overall value of the crypto market cannot help but rebound, as bitcoin accounts for almost 38.55%. Bitcoin is up 1.28% in the past 24 hours and is now trading for 21,400.

Ethereum awaiting The Merge

Ethereum is also finally taking another leap. In the run-up to The Merge on 15 September, Ethereum’s price had a good run, but this changed last week. The chart below starts at the beginning of July when ETH was traded for about 1000 euros.

It took about a month for the price to double, reaching a high of 1972 euros. The current Ethereum price is 1600 euros, an increase of 1%.

This article is not a technical analysis, so we will keep it short. But if Ethereum falls further, the next big support is near 1,525 euro. So should ETH drop today, that amount is realistic. Below that is a target of 1465 euros.

But given that The Merge will take place in a few weeks, one of the biggest and most important updates in the history of crypto, the price could also make a mega leap upwards. In short, it can freeze, it can thaw.

EOS rises 9% ahead of hard fork

Ethereum is not the only crypto project that can expect a hard fork. According to Jack Gall of the EOS Network Foundation, EOS will get a major update on 21 September. There is even talk of a rebranding, so EOS will get a new logo and a new name.

It was about time. EOS has been promising a lot for years, but delivers almost nothing. At least, not enough to keep the community happy. Crypto would not be crypto if a name change did not cause a huge price increase, even if the content of the crypto project does not change.

The graph below shows two 30% increases in one week. With a bit of good timing for buying and selling, there was a good opportunity here. No financial advice, but the same applies to Ethereum. The upgrade is only a few weeks away, and the hype might just reach the general public.

The current EOS price is 1.52 euros, an increase of 9% compared to yesterday. If we look at the monthly performance of EOS, the price has even risen by 37%.

Author
  • Steven Gray

    Steven Gray is an experienced cryptocurrency and blockchain journalist with over 7 years of reporting on the crypto industry across major publications. His proficiency in technical analysis provides him the skills to evaluate complex trading algorithms and AI systems. Steven leverages his extensive network of academics and finance professionals to incorporate expert opinions into his unbiased analyses.

    Known for his engaging yet objective writing style, Steven keeps readers informed without hype. His rare blend of crypto domain knowledge, trading acumen, impartiality, and communication skills makes him an ideal author for in-depth reviews of innovations across the cryptocurrency and financial technology sectors.

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