Crypto traders found cause for celebration on July 18 as the total market capitalization rebounded above the $1 trillion mark after weeks of widespread post-Bitcoin selling (BTC) the price swept the yearly lows below $18,000.
The green day for cryptocurrencies largely follows a positive day in traditional markets, which are up slightly despite analyst estimates that the The Federal Reserve intends to raise interest rates at least 75 basis points at the July 27 Federal Open Market Committee meeting.
While traders will welcome the positive price action of July 18, many analysts are warning that the recovery is nothing more than a bear market pump. Let’s take a look at the current top artists.
Bitcoin Holds a 16% Gain
Data from Cointelegraph Markets Pro and TradingView shows that over the past week, Bitcoin has risen significantly and at the time of writing, BTC holds a weekly gain of 16% from its recent low at $18,907.
The major cryptocurrency now finds itself right in the resistance found at its 200-week moving average, which also happens to be the upper boundary of the trading range that BTC has been trapped in since mid-June.
This level has proven to be a tough nut to crack over the past five weeks as multiple attempts to break above this level have been rejected. It remains to be seen whether Bitcoin will manage to break free from this level and move higher or spend more time trading between $19,000 and $22,000.
$BTC fighting this 200 week AD again. Rejected 3 times in the last 5 weeks here.
Decision time imo.
We either have fat breakout or fat breakdown. $ETH has been the market leader so far, along with many other altcoins. Breakouts are happening everywhere.
— Taner ⚡️ (@Taner_Crypto) July 18, 2022
Ethereum Merge Surge Shows 43% Rally
Ethereum (ETH) has also seen an increase in momentum and price over the past week, climbing 43% from a low of $1,005 on July 13 to a daily high of $1,530 on July 18, reaching its price the highest since June 12.
Ether has shown increased momentum since the July 6 successful completion of the merger on the Sepolia testnet. A further increase in its price was provided on July 15 when it was announced that the mainnet merger was scheduled to take place on September 19.
While the September 19 date is still tentative and should be seen as a roadmap projection and not a hard deadline, the prospect of the merger finally taking place after years of preparation has the community excited and perhaps energized. Ether demand.
MATIC keeps moving forward
On the altcoin front, Polygon (MATIC) continues to lead the field higher after a week of several major announcements, including his selection to compete in Disney Accelerator Program 2022gaining 32.4% in the past 24 hours and trading near resistance at $0.94.
Other notable gains on the 24-hour chart include a 19.6% gain for STEPN (GMT), an 18.9% gain for Theta Fuel (TFUEL) and a 17.6% increase for Convex Finance (CVX).
The overall cryptocurrency market capitalization now stands at $1.019 trillion and Bitcoin’s dominance rate is 41.6%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.