As Bitcoin, Ethereum and altcoins continue to break out, the overall crypto market cap regains $1 trillion

After substantial weekly double-digit gains from bitcoin, ether, and several major cap cryptocurrencies, the crypto market capitalization passed the $1 trillion barrier.

On July 18, crypto investors rejoiced as the overall market capitalization exceeded $1 trillion for the first time since early December following weeks of heavy selling after Bitcoin’s price broke yearly lows below $18,000.

Cryptocurrencies had a green day on July 26, when the green day for traditional markets was largely positive, despite analyst expectations that the Federal Reserve would raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27.

Many analysts have expressed their doubt that July 18’s high price action signals the start of a bull market. Let’s look at some of today’s outstanding performers.

Bitcoin has increased 16% this week. According to Cointelegraph Markets Pro and TradingView, over the previous seven days, Bitcoin has grown significantly and right now BTC is up by 16% on the week at $19,021.

The cryptocurrency’s 200-week moving average has just been broken, pushing the market into a resistance area where it will face further challenges.

The $21,500 level has been an immovable object over the previous five weeks, as numerous attempts to break above it have been thwarted. It’s still up in the air whether or not Bitcoin will be able to break free of this range and go higher or stay trading between $19,000 and $22,000 for a longer period.

The Ethereum Merge surge has resulted in a 43% rally. ETH has gained momentum and value over the past week, climbing 43 percent from $1,005 on July 13 to a daily high of $1,530 on July 18, its highest price since June 12.

ETH/USDT 1-day chart. Source: TradingView

Ether’s momentum has been building since the successful July 6 completion of the Sepolia testnet Merge. On July 15, it was announced that the mainnet Merge is expected to occur on September 19, providing another boost to its value. While the September 19 date is still tentative and should be taken as a roadmap prediction rather than a hard deadline, the prospect of Ether finally happening after years of preparation excites investors and potentially attracts demand for Ethereum.

The Polygon (MATIC) continues to propel higher on the altcoin market, with several significant developments including being chosen for Disney’s 2022 Accelerator Program and gaining 32.4 percent in the last 24 hours.

MATIC/USDT 1-day chart. Source: TradingView

The overall cryptocurrency market capitalization is now $1.019 trillion, with Bitcoin’s dominance rate at 41.6%.

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