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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

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    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

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    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

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    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

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    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

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    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

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Crypto Market Cap Reaches $1.7trn

by Eucharia Egwuma
August 6, 2021
in Startups
Reading Time: 2 mins read
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The total market cap of cryptocurrency assets has reached nearly $1.7 trillion today after a strong rally in Bitcoin and Ethereum. A substantial jump in retail demand for Bitcoin and other cryptocurrencies is driving the latest bullish sentiment.

According to the data published by Coinmarketcap, the overall market cap of cryptocurrency assets has jumped by approximately $500 billion in the last two weeks. Despite the correction in May and June, the total market cap of digital currencies is still up by nearly 120% since the start of 2021.

Ethereum, the world’s second-most valuable cryptocurrency, has seen immense demand in the last week as the price of ETH jumped above $2,800 for the first time since 5 June 2021. Ethereum is now up by more than 15% in the last seven days.

On the other hand, Bitcoin has witnessed strong growth in the last few days. The world’s largest cryptocurrency is currently trading above $40,000 with a market cap of approximately $755 billion.

The crypto market dominance of Ethereum has seen a substantial spike in the last week while Bitcoin’s crypto market dominance dropped sharply during the same time. ETH now accounts for nearly 20% of the total market cap of cryptocurrency assets. BTC’s crypto market dominance stands at around 45%.

The network activity of different cryptocurrency assets, including Bitcoin and Ethereum, has increased rapidly amid a jump in the overall crypto market cap. Additionally, large Bitcoin addresses have increased their BTC accumulation. “Bitcoin addresses that hold 100 to 10,000 BTC currently own 49.11% of the total Bitcoin supply, and they’re still very near the All-Time High of 49.18% made just last week. This key group of whales is one of our most solid indicators to watch,” Santiment mentioned.

“Bitcoin entity-adjusted transaction volume has increased to $7.48B per day over the last 14-days. In particular, transactions over $1M in size (approx. 25 BTC) are on the rise. This represents 46.5% of the total transaction volume,” the cryptocurrency analytics platform, Glassnode highlighted.

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