BTC, ETH, altcoins: crypto is back to pre-crisis levels

At over $2 trillion, the cryptocurrency market was back to its pre-crash capitalization for the first time. Altcoins are contributing to the recovery.

The cryptocurrency market is doing better. It signed for the first time on August 11 a great return beyond the 2,000 billion dollars of capitalization according to CoinGecko. While it has since fallen below this symbolic milestone, this episode is still a major indicator.

To find such a level of capitalization of the crypto market, we must go back to May 19, that is to say before the crash. Tesla was then abandoning Bitcoin as a means of payment and Elon Musk denounced its excessive energy consumption.

Bitcoin and Ethereum on the rise

The BTC price collapsed, taking the entire market with it, admittedly overheated with multiple crypto-assets at their ATH. Since August, the price trajectory of the major cryptocurrencies has changed dramatically.

Bitcoin and Ethereum are driving the movement. BTC’s price has broken through the $45K resistance. ETH’s is stabilizing above $3,000. Their combined capitalizations thus represent over $1 trillion.

Over the past 7 days, the price of Bitcoin is gaining nearly 17% to around $45,300. Ethereum, a better performer over 2021, is matching that at +17.37% and $3,145 according to CoinMarketCap. And the forecasts for these two major assets are encouraging.

However, to enable an overall revival of the cryptocurrency market, other growth levers are needed. The main one is a boom in the altcoin price. This has now been achieved.

XRP and DOGE gain +40%.

The major altcoins are now taking over. These are doing far better than Bitcoin and Ethereum in terms of gains. Cardano (ADA) is recording over 30% growth over 7 days at $1.81.

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XRP is exploding with +41.6% over a week and +13.97% in 24 hours. At just over $1, Ripple XRP is well on its way to reconnect with its pre-crisis levels at over $1.5.

Even Dogecoin (DOGE) is largely trending higher. BTC’s momentum did not immediately trigger a recovery in the token meme. The surge is definitely there now with +39% over 7 days. At $0.2757, however, DOGE is still far from its ATH.

Other top 10 and top 20 crypto-assets are also up sharply over the past week. Litecoin (LTC) is up over 20%, as is Ethereum Classic (ETC) or Stellar (XLM). Polygon (MATIC) is at +30%.