Bitcoin Climbs Above $45,000 And New Ethereum Update Goes Live

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This Week’s Summary

  • The cryptocurrency market looks to end the week at a total market capitalization of $1,827 trillion.
  • Bitcoin (BITCOMP) is up by roughly 7% after a successful weekly run.
  • Ethereum (ETH-X) has increased by over 20% over the past seven days.
  • XRP (XRP-X) records a 6% value boost over the week.
  • Dogecoin (DOGE-X), Polkadot, and Cardano (ADA-X) end the week with significant value boosts.
  • The DeFi sector added almost $8 billion to the total value protocols (TVL).

Cryptocurrency Trends for the Week of Aug. 2 - Aug. 8, 2021: Performance and Analysis

The bulls continue to run the cryptocurrency market as the first week of August registers significant value boosts across the board. More so, the market capitalization increased by more than $170 billion to aim for the $2 trillion level once again.

Bitcoin is again taking all the headlines after a steady rise brought it above $45,000 only a couple of days ago. It’s worth noting that the primary cryptocurrency has increased by more than $15,000 in the past two weeks. As a result, the investors’ trust is peaking again and paving the way for a new, exciting bull run. Bitcoin has been recently trading at around $43,977.10.

Ethereum also increased substantially over the past seven days to trade well and above $3,000. One of the factors that influenced its surge was the latest Ethereum update, London, which went live on Wednesday, Aug. 4.

London’s release solved one of the network’s oldest issues: the users’ bidding war for block admission. The EIP-1559 update has replaced the old bidding procedure with a single base fee mechanism. This new value changes depending on how much the network is crowded. Also, it burns excess ETH to de-congest the protocol. Ethereum has been recently trading at around $3,031.96.

Ripple’s XRP is among the cryptocurrencies with the smallest value boosts. But in these trying times, every step ahead counts double. Following a 6% increase over the week, XRP has been recently trading at around $0.7832.

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