This is the first time in three months that the aggregate market cap of the crypto market has reached $2 trillion. Bitcoin has started the trend once again by gaining a price evaluation of $46,500, and it seems to be moving forward for the time being. The second-largest cryptocurrency is not behind as Ethereum has been doing exceptionally well too. CoinGecko shows that the crypto market was in a state of depreciation since May.
In terms of seven-day price movement, BTC is up by 20%. By accounting for 43.7% of the entire crypto market cap, Bitcoin continued to rule as the undisputed king of the virtual currency market. At present, there are some fundamental signs, such as increased regulatory pressure on the crypto market. However, despite the impending decision on the broker amendment, the digital asset market continues to move forward.
There is no doubt that Bitcoin continues to be the topmost placeholder in the crypto market. However, the recent massive gains in the aggregate market cap are contributed by Ethereum. Owning to the upcoming upgrade London hard fork, ETH has been doing well. With 28.4% gains in a matter of last week, the silver cryptocurrency has left behind Bitcoin in terms of ratio gains.
Meanwhile, the top altcoin contributors like Polkadot, Solana, XRP, BNB, Litecoin, Bitcoin Cash, and some others are not far behind. On average, all of the aforementioned tokens have gained 20% momentum in the last week. It is expected that the altcoin market is going to remain strong for longer in comparison to the Bitcoin rally.
Cardano is One of the Top Performers of the Crypto Market
Cardano is the self-proclaimed third-generation cryptocurrency and blockchain project. The blockchain stakeholders associated with Cardano are looking forward to the completion of the Alonzo upgrade. With the successful implementation of this upgrade, the Cardano network will enable smart contracts. Smart contracts are protocols that allow the Cardano network to run Dapps and host NFTs.
At present, Ethereum is the largest Dapp support provider in the crypto industry. However, Cardano wants to challenge Ethereum as the top choice of developers for decentralized protocols. ADA, the native token of Cardano, gained 20.5% in the last 24 hours. The institutional interest for Cardano is going to increase once the smart contracts capability goes live on the network.