Alexander Savenkov Over the past week, the crypto market has witnessed a remarkable rally, with its total value surging by 9.62% from $1.10 trillion to a current $1.21 trillion. This upward trend has been widespread, as all of the top 20 crypto assets by market capitalization, excluding stablecoins, experienced gains. The market received a substantial injection of $110 billion during this period, signaling increasing institutional interest in cryptocurrencies.
Key Players Leading the Crypto Rally: Pepe, Stacks, and Bitcoin Cash
At present, the crypto economy stands at $1.21 trillion, marking a 9.62% increase within the week. Notably, Bitcoin (BTC) saw a notable gain of 18.1%, while Ethereum (ETH) rose by 12.5%.
However, there were several digital assets that outperformed these figures, as reported by weekly data from cryptobubbles.net. Bitcoin Cash (BCH), XRD, Pepe (PEPE), WOO, ZIL, and VET all achieved double-digit gains.
Crypto Bubbles in the Past Seven Days (June 23, 2023) According to cryptobubbles.net:
The meme coin Pepe (PEPE) experienced an impressive surge of 65% during this week, while Bitcoin Cash (BCH) saw a significant jump of over 38%. Leading the pack in terms of gains, Pepe was followed by Stacks (STX) with a rise of more than 41% over the past seven days.
Other noteworthy performers included Conflux (CFX) with a 40.4% increase and Kaspa (KAS) gaining 26% during the same period. On the flip side, digital currencies like Bittorrent (BTT), Kucoin (KCS), Terra Luna Classic (LUNC), and Quant (QNT) experienced losses ranging from 2.2% to 7.9% this week.
Crypto Bubbles in the Last 24 Hours (June 23, 2023) According to cryptobubbles.net:
The leaders in terms of 24-hour stats on Friday were FTT, up more than 14%; VET, up over 11%; BSV, up more than 8%; LEO, up more than 8%; ZIL, up 7.6%; and BCH, up more than 6%.
However, in the past 24 hours, Pepe and Stacks faced losses. PEPE shed 5.5%, while STX lost 9.8%. Bitcoin dominance remains high at 48.2%, with ETH’s market dominance standing at 18.6% according to the current data from coingecko.com.
Institutional Interest Driving the Crypto Rally
The recent crypto rally is believed to be propelled by growing institutional interest and the involvement of major traditional finance (tradfi) giants. In the past week and a half, several spot bitcoin exchange-traded funds (ETFs) were filed, and a crypto exchange backed by Charles Schwab, Citadel Securities, and Fidelity Digital Assets was recently launched.
Despite the perceived institutional interest, the global trade volume of the crypto economy has remained low, and some crypto businesses are still displaying signs of financial weakness.
Looking Ahead: Predictions for the Future of the Crypto Market
Considering the current trends, it is challenging to predict the future of the crypto market with certainty. However, based on recent performances, digital assets such as Pepe, Stacks, and Bitcoin Cash might continue to outperform others in the coming weeks. It is important to note that the crypto market is highly volatile, and investors should exercise caution and conduct thorough research before making any investment decisions.
We invite you to share your thoughts and opinions on the subject in the comments section below.
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Frequently Asked Questions (FAQs) about crypto rally
What was the increase in value of the crypto assets in the past week?
The crypto assets increased in value by 9.62% in the past week, rising from $1.10 trillion to the current $1.21 trillion.
Which digital assets experienced significant gains during the week?
Pepe, Stacks, and Bitcoin Cash were among the digital assets that experienced significant gains during the week.
What factors are believed to be driving the crypto rally?
The crypto rally is believed to be driven by institutional interest and the involvement of major traditional finance (tradfi) giants. The launch of spot bitcoin exchange-traded funds (ETFs) and the backing of a crypto exchange by Charles Schwab, Citadel Securities, and Fidelity Digital Assets are examples of this institutional interest.
Are there any digital assets that performed exceptionally well during the period?
Yes, Pepe, a meme coin, saw a significant increase of 65% during the week, while Bitcoin Cash (BCH) jumped over 38%. Stacks (STX) also rose by more than 41% over the past seven days.
Are there any digital assets that faced losses during the week?
Yes, digital currencies like Bittorrent (BTT), Kucoin (KCS), Terra Luna Classic (LUNC), and Quant (QNT) faced losses ranging from 2.2% to 7.9% during the week.
What is the market dominance of Bitcoin (BTC) and Ethereum (ETH)?
Bitcoin dominance remains high at 48.2%, while Ethereum’s market dominance stands at 18.6% according to the current data from coingecko.com.
What are the predictions for the future of the crypto market?
Given the current trends, it is challenging to make precise predictions. However, based on recent performances, digital assets such as Pepe, Stacks, and Bitcoin Cash might continue to outperform others in the coming weeks. It is important to note that the crypto market is highly volatile, and thorough research is advised before making investment decisions.
More about crypto rally
- Cryptobubbles.net: A website providing weekly data on crypto bubbles and performance of various digital assets.
- CoinGecko.com: A platform offering real-time cryptocurrency market data, including market dominance figures for Bitcoin and Ethereum.
- [Spot Bitcoin ETFs](Insert relevant link here): Information on spot bitcoin exchange-traded funds (ETFs) and their impact on the crypto market.
- [Crypto Exchange Backed by Charles Schwab, Citadel Securities, and Fidelity Digital Assets](Insert relevant link here): Details about the recently launched crypto exchange supported by major traditional finance players.
