• BTC and ETH soar as the total crypto market cap rises to $1.8 trillion

  • The crypto market has had an eventful 24 hours, with front-runners bitcoin (BTC) and Ether (ETH) showing significant growth. Increases have added $140 billion to the market. As a result of these gains, the total market capitalization of cryptocurrency has risen to $1.8 trillion.

    BTC’s price has notably fluctuated since collapsing in May. It has either hovered just below the $40,000 mark, managed to creep just above it at times, and has sunk further to the levels of $32,000 or $33,000 at others.

    However, both reports and data show that the world’s most valuable cryptocurrency by market cap is on the rise, with its price surpassing $43,000. According to CoinMarketCap, BTC was worth $44,440 at the time of publication, making it the most valuable asset since May.

    Meanwhile, ETH, the second-most valuable cryptocurrency by market cap, has reportedly risen by 24% in a week. According to data, it ended July with a price of $2,537.51, before rising to $3,083.41 at the time of publication.

    This price increase could be attributed in part to the Ethereum London hard fork upgrade, which took place on August 5. However, it was soon revealed that the EIP-1559 upgrade had consumed $10 million in ETH. According to the reports, millions more ETH could be burned this year.

    Millions of dollars have been liquidated in the last 24 hours.

    The crypto market may have seen billions come in, but data from crypto futures and information platform Bybt.com revealed that millions were rekt in the last day as well.

    At the time of publication, a total of $653.16 million in cryptocurrency had been liquidated in the previous 24 hours. The single largest liquidation order at the time, valued at $27.8 million, was placed on the Bitmex-ETH exchange.

    More specifically, BTC, ETH, and Ripple (XRP) ranked first through third in total 24-hour liquidations. BTC was responsible for $311.14 million of those liquidations, while ETH was responsible for another $263.85 million. The amount of XRP rekt was significantly lower, accounting for only $10.85 million of the total liquidations.

    Almost a third of the $653 million in liquidations took place on the OKEx exchange.

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