Bitcoin hits record high as crypto market surpasses $ 2 trillion

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On Monday, the global crypto market was back above $ 2 trillion; As Bitcoin’s realized cap hit a new all-time high, the bulls are starting to pile up.

The realized cap is an alternative to market capitalization that analyzes the value of a blockchain asset based on the price at which each coin was last traded. The achieved cap reaching a new all-time high indicates that more money has been invested in Bitcoin now than in April when the price of BTC was $ 64,000.

At the time of publication, the world’s most valuable digital asset was trading at $ 47,313, up 1.19% in the previous 24 hours and 9% last week, according to statistics from CoinMarketCap.

Seven-day Bitcoin price chart. Source: CoinMarketCap.com

So, new buyers have been eager to acquire BTC at higher prices since April, despite the negative market mood. The network is more robust than it was in May. The hash rate has been rising steadily since early June, and Bitcoin miners are actively researching methods to limit the environmental effect of crypto mining.

Over the past month, BTC rose 50%, continuing its strong mid-term trend. BTC has been pouring into the exchanges at a rate of 75,000 to 100,000 per month, according to Glassnode, indicating that investors are in a phase of accumulation. Because less bitcoin is traded and more is held, this trend of the influx of BTC into private wallets has always been on the upside.

While Bitcoin must end the week above a significant barrier level, according to trade expert Nebraskan Gooner, to maintain positive momentum, it is best to avoid dropping below $ 45.5,000.

#Bitcoin weekly close above major resistance

For a bullish scenario, preferably, we will never go below $ 45.5,000 again.

No matter what happens this week is the week to pay attention

Bearish scenario close to invalidation which is great as alt coins will become the moon if that happens

– NebraskanGooner (@nebraskangooner) August 16, 2021 Global Crypto Market

Currently, the global crypto market is worth $ 2.03 trillion, an increase of 3.47% from the previous day.

Seven-day price chart of the global crypto market. Source: CoinMarketCap.com

DeFi’s current volume is $ 12.92 billion, or 11.15% of the 24-hour crypto market volume.

Notable coins such as Cardano (ADA) and Solana (SOL) have surged over the past week. Cardano climbed to become the third largest asset with a 50% rise last week. There are reports that Alonzo’s hard fork, which is expected to take place on September 12, 2021, would allow smart contracts to be executed on the network.

In the near future, the network’s unique, self-built programming language, Plutus, will support the development of Dapp. In addition to DeFi, games and non-fungible token applications, users will be able to access Proof-Of-Stake blockchain applications.

Solana leaps

Degenerate Ape’s non-fungible tokens (NFTs) prompted high-performance blockchain project Solana to dominate crypto gains this morning. Over the weekend, the Degenerate Ape Academy NFT initiative sold its 10,000 “smoothest-brained” monkeys in just eight minutes.

According to CoinMarketCap, Ethereum’s rival surpassed Uniswap’s UNI token this morning to become the No.10 crypto with a market worth $ 16.2 billion. SOL tokens were trading at $ 42, up 38.76% in the past 24 hours and up 60.5% in the past seven days.

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