Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakout

After weeks of selling, the total market capitalization rose above $1 trillion. This was after crypto traders celebrated July 18.

The green day for cryptocurrency largely follows a positive day on traditional markets. Traditional markets are modestly up despite analysts estimating that the Federal Reserve will raise interest rates at least 75 basis points at its Federal Open Market Committee meeting July 27.

Everyday cryptocurrency market performance. Source: Coin360

Although traders will be happy to see positive price action on July 18, many analysts warn that this is merely a bear market pump. Let’s look at the top performers right now.

Bitcoin has a 16% gain

Cointelegraph Markets Pro and TradingView data show that Bitcoin has rallied strongly over the past week. At the time of writing, BTC is up 16% from its low at $18,907.

BTC/USDT 1-day chart. Source: TradingView

The resistance at the 200-week moving mean of cryptocurrency’s top cryptocurrency is now running right into it. This is also the upper bound of the trading range BTC was trapped in since June.

Over the past five weeks, this level has been difficult to crack as numerous attempts to break through it have been rejected. It is still to be seen whether Bitcoin can break out of this level and trade higher or longer between $19,000 to $22,000.

$BTC fighting that 200 Week MA once more. Here, 3 rejections in the last 5 week. It’s time to make a decision. Either we have a fat breakdown or a fat breakout. Along with many altcoins, $ETH has led the market to date. There are numerous breakouts. Could $BTC be next?
— Taner (@Taner_Crypto), July 18, 2022

Ethereum Merge surge: 43% rally

Ethereum (ETH), which has seen a surge in momentum and price, also increased 43% over the past week. It went from a low price of $1,005 July 13 to a daily peak at $1,530 July 18, its highest price since June 12.

ETH/USDT 1-day chart. Source: TradingView

Since the July 6 successful completion of the Merge in the Sepolia testnet, Ether has shown increased momentum. The announcement on July 15 that the mainnet Merge would take place in September gave Ether an additional boost in its price.

Although the September 19 date is tentative and should not be considered a definitive deadline, the possibility of the Merge finally happening after years of planning is exciting for the community and could drive demand for Ether.

Related: Bitcoin Price Nears Critical 200-Week Moving Average as Bitcoin Prices Touch $1.5K

MATIC continues to move

After a week filled with major announcements, Polygon (MATIC), continues to lead the altcoin pack higher. Polygon was selected to participate Disney’s 2022 Accelerator program. The stock gained 32.4% in the past 24 hours, and traded near resistance at $0.94.

MATIC/USDT 1-day chart. Source: TradingView

Notable gainers include a 19.6% rise for STEPN(GMT), an 18.9% increase for Theta Fuel® (TFUEL) and a 17.6% jump for Convex Finance® (CVX).

The total cryptocurrency market is now worth $1.019 trillion, and Bitcoin’s dominance rate at 41.6%.

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