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
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 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, 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 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.