Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours

The price of bitcoin (BTC) and a number of other digital assets have climbed higher in value during the last few days. Five days ago, a massive short squeeze propelled the price of bitcoin higher as it jumped just below the $40K handle from a low of $34,500 per unit.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 HoursBybit.com’s Liquidation Data.

Similarly, there was also a large derivatives expiry on Friday ending the month of July and at around 8:00 p.m. (EDT) a swathe of short positions were liquidated. During the course of the last day, $284.7 million worth of positions were liquidated according to bybt.com’s Liquidation Data.

After 8:00 p.m., the price of bitcoin (BTC) quickly spiked to $42,411 per unit and has remained above the $41K handle since then. BTC is up over 7% today and over 20% during the last seven days. Out of the entire $1.64 trillion, bitcoin’s (BTC) market cap captures 47.66% of the aggregate with $781 billion.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 HoursBTC/USD chart on July 31, 2021, via Bitstamp.

BTC has around $33 billion in global trade volume on Saturday with tether (USDT) commanding 59% of all trades. This is followed by USD (12.29%), BUSD (5.85%), JPY (4.34%), and EUR (3.41%). At the time of writing, BTC is exchanging hands for $41,522 per unit.

Ethereum Spikes 12% This Week, Easyfi Jumps Over 2,800%, Tether Captures 47% of Global Trade Volume

The second-largest crypto asset, in terms of market cap, is ethereum (ETH) up over 5% during the last day. ETH has gained 12% during the last seven days and at press time ETH is swapping for $2,455 per unit.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 HoursETH/USD chart on July 31, 2021, via Deribit.

The biggest gainers during the last seven days include the coins easyfi (EASY) up a whopping 2,854%, flexacoin (FXC) up 706%, and omix (OMX) up 500% this week. The biggest weekly losers include beetle coin (BEET) down 83%, chip (CHIP) down 54%, iov blockchain (IOV) down 51%.

Read the article:  Ethereum Shows Deeply Negative Netflows As Exchange Reserves Fall

The biggest 24-hour gainer among the top ten largest crypto assets, in terms of market valuation, is polkadot (DOT) which is up 12% today and 20% during the last week. Out of the $1.64 trillion worth of crypto assets, the reported trade volume on Saturday is $84 billion. Tether (USDT) reportedly commands $57 billion or 47.36% of today’s global trade volume among all the crypto assets recorded.

What do you think about the recent crypto run-up and improved prices? Let us know what you think about this subject in the comments below.

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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