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Bitcoin Climbs Towards $40,000 as Crypto Market Gains 9% in a Single Day



Bitcoin Climbs Towards $40,000 as Crypto Market Gains 9% in a Single Day

Key takeaways:

  • Following the news about Amazon starting to accept Bitcoin and other digital currencies as payments, the crypto marketplace exploded.
  • Bitcoin is quickly approaching the $40k price point, which was last reached on June 15th.
  • Altcoin prices are increasing mostly due to Bitcoin, however, Etherem began its rebound last week thanks to the anticipation of the rapidly approaching London Hard Fork.

After a slow couple of weeks, which saw mostly sideways trading movements among the bigger cryptocurrencies and only smaller altcoins recording double-digit gains, the crypto market has exploded in the last 24 hours. Following the news that e-commerce behemoth, Amazon, might start accepting Bitcoin by the end of 2021, the prices of most coins in the marketplace increased drastically.

The coins in the crypto “Top 10” are on average up 10,3%

The world’s largest cryptocurrency has dragged along all the other coins in the sector after its 12% surge in the last 24 hours. Bitcoin Cash and Ethereum, which have both been mentioned as potential payment options for Amazon’s upcoming crypto offering are also up big, with 12.5% and 8.7% respectively. 

It is especially nice to see Ethereum doing so well, after falling below the $2,000 mark last week. It is not only thanks to the Amazon news, as the second biggest crypto started its rebound well before. The launch of London hardfork on August 4th and the much-awaited EIP-1599, which will shift the protocol to the Proof-of-Stake (PoS) consensus mechanism are the fundamental factors that are pushing the price of ETH, as pointed out by ConsenSys CEO Joseph Lubin.

The total crypto market capitalization has increased by 8.69%, to $1.54 trillion in the last 24 hours on a market trading volume of $919 billion. Bitcoin dominance has increased to 47.9% and reached its highest share since the start of July.

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