The cryptocurrency market capitalization has reached a 4-month peak at $2.29 trillion as Bitcoin approached $53,000. It’s at $51,291 at the time of writing. Solana was a winner again, increasing by 30% according to Market Watch. Over the past 24 hours, many of the other altcoins have stalled to some extent. At the time of publication, Solana is trading at $180.71.
Most impressive runs
Altcoins demonstrate impressive development with Ethereum leading the pack. It passed the $4,000 mark several days ago, but has dropped since then. Over the past few weeks, Cardano also went to new highs, most likely due to the upcoming Alonzo update launch (hard fork) on September 12. As crypto community members and more specifically members of the competing ETH community discovered some issues, Cardano dropped by 7.5% in just a day. Most of these issues turned out to be exaggerated, but the damage was done.
Bitcoin rising, surely and not slowly
El Salvador, the first country to adopt Bitcoin as legal tender, is starting to make its first BTC purchases. This is doubtlessly contributing to the increase in price. After dropping to below $47,000 last week, the bearish trend was reversed and the flagship crypto passed $50,000. It will keep marching upwards by all accounts.
Kevin Wadsworth, co-founder of Northstar & Badcharts, predicts that the current crypto bull cycle will peak sometime around September to late October. He said:
“I think the crypto bull market probably will conclude before the end of the year. All the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them perhaps into mid-October or even late October, so there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to reach its peak.”
Yesterday, Market Watch reported Binance Coin had peaked, but a drop of 6.85% sent it back down to $470.31 today. Ripple and Polkadot has marked slight drops, as have Uniswap, Dogecoin, Chainlink, and Litecoin. In the past week, Fantom’s performance was quite remarkable of the lesser coins. It increased by 29% in a day and by 105% in a week. The token is trading at $1.70. FTX token, THETA, Algorand, and NEAR Protocol follow suit. The combined token movements are clearly upward, resulting in impressive growth of cumulative market capitalization.
