Since Wednesday of last week (21) bitcoin stretches a leg up to US$ 40,150. The price today (28), according to CoinGoLive, is an accumulated increase of 34.13% in 7 days. The apparent reason for the rise of the crypto market this Wednesday (28) is a consequence of The B Word event. However, the increase is also related to movements in the derivatives market and futures contracts in Bitcoin, as explained by Glassnode.
The Week On-chain #30 Video Report is live.We analyze:
– Market structure and the short squeeze
– Changes in derivative market positioning
– Divergence between price and on-chain activity
– Network profitabilityLive Dashboard: https://t.co/XJj7CzA17mhttps://t.co/Kh9Jf9NaLu— glassnode (@glassnode) July 27, 2021
A short-squeeze that took place on Monday sparked a rise in the price of Bitcoin, giving bulls strength to move closer to $40,000.
Bitcoin and Altcoins reach $1.6 trillion market cap
The market is surfing Olympic waves today. BTC surpasses technical and psychological resistance of $40,000 early in the morning, while altcoins gain positive points. Ripple was the largest capitalization cryptocurrency that raised 14.75% in 24 hours after Nubank began offering international remittance services with RippleNet. Source: CoinGoLive.com.brAlthough the entire market is in the green, not everyone enjoys gains Ethereum (2.13%), Binance Coin (2.18%), Cardano (1.55%), Ripple (14.75%) , Dogecoin (3.42%), Polkadot (3.58%), Uniswap (1.27%), Bitcoin Cash (5.43%), Litecoin (5.50%), Chainlink (3.99%), and Solana (-1.04%) – being the only one among them to fall – in 24 hours. Rightly so, Bitcoin dominance has increased to 46.85%, while the cumulative market capitalization for all cryptocurrencies is $1.6 trillion.
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