Cryptocurrency traders got a reason for courage on July 18, when the total market capitalization went back above the $1 trillion mark, after weeks of widespread selling following the price swing of bitcoin (BTC) below the $18,000 mark.
The largely green day for cryptocurrencies follows a positive day in traditional markets, which are up moderately despite analyst estimates that the Federal Reserve plans to raise interest rates by at least 75 basis points, at a Federal Open Market Committee meeting the 27th of July.
Although traders rejoiced in the positive price action on July 18, many analysts are warning that the increase is no more than a market pump will bear. Let’s take a look at the best performing stocks right now.
Bitcoin shows a 16% gain.
Data from Cointelegraph Markets Pro and TradingView show that bitcoin has risen significantly over the past week and as of this writing bitcoin is showing a weekly gain of 16% from its recent low of $18,907.
The major cryptocurrency is now coming up against resistance at its 200-week moving average, which happens to be the upper limit of the trading range BTC has been stuck in since mid-June.
This level has been difficult to breach over the past five weeks as multiple attempts to breach it have been rejected. It remains to be seen if bitcoin will manage to break out of this level and move higher or if it will remain between $19,000 and $22,000 for longer.
$BTC fighting that 200 Week MA again. Rejected 3 times in the last 5 weeks here.
Decision time imo.
We have fat breakouts or fat breakdown. $ETH it has dominated the market so far, along with many other altcoins. Breakouts happen everywhere.
— Taner ⚡️ (@Taner_Crypto) July 18, 2022
$BTC is once again fighting against the 200 week moving average. Rejected 3 times in the last 5 weeks. It’s time to make a decision, in my opinion. We have a big break or a big disaster. $ETH is leading the market so far, along with many other altcoins. Interference happens everywhere. Can $BTC follow suit? pic.twitter.com/6Cz49po8CH — Taner ⚡️ (@Taner_Crypto) July 18, 2022.
Ethereum Merge Shows 43% Advantage
Ether (ETH) has also seen renewed price and momentum over the past week, climbing 43% from a July 13 low of $1,005 to a daily high of $1,530 on July 18.
The price of ether has risen since the successful Merger on the Seplia testnet on July 6th. Their price increased further on July 15th when it was announced that the Mainnet Merger was to take place on September 19th.
Although the September 19th date is still tentative and should be seen as a roadmap projection and not a deadline, the public is excited and could fuel demand for Ether, which will finally happen after years of preparation.
Also read: Bitcoin price reinforces a crucial 200-week moving average, while Ether touches $1,500
MATIC continues to move forward
From an altcoin perspective, Polygon (MATIC) continues to lead the pack higher after a week of several big announcements, including selection to participate in the Disney 2022 accelerator program, gaining 32.4% in 24 hours down the clock, and trading near resistance at $0.94.
Other notable gains on the 24-hour chart include a 19.6% gain for STEPN (GMT), an 18.9% gain for Theta Fuel (TFUEL) and a 17.6% increase for Dronnach Finanjis (CLC).
The overall market capitalization of cryptocurrencies now stands at $1.019 trillion and bitcoin’s dominance rate is 41.6%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. All investments and transactions involve risk, you should do your own research before making a decision.