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Can Altcoins ETH, AVAX, APE, XRP and ATOM Continue Their Bullish Momentum This Week?

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VOC, Voice of Crypto, Crypto Market

Amid weeks of heightened volatility, the cryptocurrency market cap is finally holding above $1 trillion as the crypto space awaits the Federal Reserve chairman Jerome Powell’s address to the annual global central banking conference in Jackson Hole, Wyoming, scheduled on August 26.

Currently, the global crypto market capitalization is $1.03 trillion, a 0.86% increase over the last day, according to CoinMarketCap. Meanwhile, the crypto market volume stands at $67.94B, with a 3.38% decrease in the last 24 hours.

Despite Bitcoin remaining shaky over the seven days, the market has remained above $1 trillion. Notably, Bitcoin’s push from $20,000 was instrumental in the general market regaining the $1 trillion capitalization. At the time of writing, Bitcoin is priced at $21,477, adding a slight 0.26% price gain.

Ethereum Stuck at $1.6K

ETH Price Chart | Source: CoinMarketCap

ETH Price Chart | Source: CoinMarketCap

Ethereum has recorded less than 2% minor gains in the last 24 hours. Notably, the second-ranked cryptocurrency is among the biggest gainers recently as the community anticipates the transition to Proof-of-Stake (PoS) under the Merge upgrade. It currently trades at $1,648 with a 24-hour trading volume of $17B, up by 0.34% 

AVAX Adds Slight Gains

As the market turns favorable, Avalanche has added little gains in the last 24 hours. The latest data shows that it has added 1.71% over the last 24 hours and is currently trading in the $23.15 range. The market cap value for Avalanche is currently estimated to be $16B, with a 24-hour trading volume of about $0.3M. 

APE Rides the Bullish Wave

APE Price Chart | Source: CoinMarketCap

APE Price Chart | Source: CoinMarketCap

APE has tapped a hefty price gain of over 5.38% in the last 24 hours. APE is presently hovering at $5.45 with a market cap of $5B. Following this massive price spike, the trading volumes have also increased by 26.13%.

ATOM Jumps by 3%

ATOM Price Chart | Source: CoinMarketCap

ATOM Price Chart | Source: CoinMarketCap

ATOM, the utility token of the Cosmos ecosystem, has surged by over 2.97% to a daily high of $12.39 and is currently changing hands at $11.92. ATOM is currently the industry’s 23rd-largest asset with a 24-hours trading volume of $499B, up by 13.925 in the last 24 hours

XRP Continues to Improve

XRP Price Chart | Source: CoinMarketCap

XRP Price Chart | Source: CoinMarketCap

XRP also added slight gains as the investors are bullish on it. The latest data from Coinmarketcap shows that it has added 0.16% over the last day. This bullish momentum has helped its price value reach $0.34.

Why Is Crypto Market Struggling

Due to increased interest hikes, the crypto market is currently in a high inflationary environment. Initially, Bitcoin and the general market reacted positively to the interest rate hikes, but the current sideways trading patterns clearly highlight concerns over rising inflation. 

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Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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