BTC and ETH Soar as Total Crypto Market Cap Climbs to $1.8T

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In Brief
  • Significant growth from BTC and ETH adds $140B to the crypto market's overall market cap in 24 hours.

  • BTC has reached its highest value since May, while ETH gains 24% in the space of a week.

  • Meanwhile, the last 24 hours has seen over $650M liquidated, with BTC, ETH and Ripple leading.

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It has been an eventful 24 hours for the crypto market, as front-runners bitcoin (BTC) and Ether (ETH) show significant growth. Increases that have brought an additional $140 billion to the market. These gains in turn propel crypto’s total market capitalization to $1.8 trillion.

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Since collapsing in May, BTC’s price has notably floundered. It has either hovered just below the $40,000 mark, at times managed to creep just above it, and others sunk further to the levels of $32,000 or $33,000.

However, reports and data both indicate that the world’s most valuable cryptocurrency by market cap is on an uptick, as its price surpassed $43,000. At the time of press, BTC had a value of $44,440 according to CoinMarketCap, which by all indications is the most valuable the asset has been since May.

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Meanwhile, ETH, the second-most valuable cryptocurrency by market cap, has reportedly climbed by 24% in the space of a week. Data showed that it ended July with a price of $2,537.51, before making a however turbulent climb up to $3,083.41 at time of press.

This price surge may be due, in part, to the Ethereum London hard fork upgrade, which occurred on August 5. That said, reports revealed shortly after that the EIP-1559 upgrade had burnt $10 million worth of ETH. The reports  also indicated that millions more ETH could yet be burned this year.

Last 24 hours also sees millions in liquidations

The crypto market may have had billions coming in; however, data from crypto futures and information platform Bybt.com showed millions rekt in the last day too.

At time of press, a total of $653.16 million worth of cryptocurrency was liquidated in the space of 24 hours. In that time, the single largest liquidation order, valued at $27.8 million, made on the Bitmex-ETH exchange.

More specifically, BTC, ETH and Ripple (XRP) formed the top three for total 24-hour liquidations. BTC accounted for $311.14 million worth of those liquidations, while ETH accounted for another $263.85 million. The amount of XRP rekt was considerably less, making up just $10.85 million of the total liquidations.

Of the $653 million worth of liquidations, nearly 30% were conducted on the OKEx exchange.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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