Cryptocurrencies extend previous day gains and largely trade in the green on August 7. The global crypto market capitalization is $1.76 trillion, a 5.07% increase over the previous day. The volume in the crypto market also saw a surge by 2.27% over the last 24 hours and stands at $104.78 billion.
At the time of writing this copy at around 12:26 pm, as per coindesk.com- a blockchain news outlet bitcoin price was up 5.84% at $43,152. Interestingly, the price of bitcoin has rallied to gain above $43,000 for the first time since May. So, after the latest run up the largest cryptocurrency by market value has yielded year to date return of 48%. Notably, bitcoin hit its all time high in April this year of sub $65,000 levels.
Other important altcoins also showed strength and were seen trading in the green with gains of up to 12% over a 24-hour period.
Cryptocurrency experts are of the view that risk-on sentiment has returned to the crypto universe after a pullback which saw bitcoin prices tumble to below $30,000.
Meanwhile, after the Etherum Improvement Proposal (EIP) 1559 has been put in place, the network has burned or removed from circulation more than 5000 Ethereum token. The upgrade is expected to stabilize transaction fees and at the same time reduce the supply of Ether crypto, making the available supply more valuable.