Crypto market cap approaches $350 billion as BTC and altcoins surge

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 1, 2020
  • The crypto market has entered a new rally, and its market cap is approaching $350 billion.
  • Bitcoin price surged by over 4.5% in the last 24 hours, exceeding $11.600.
  • The altcoin market is exploding as well, with Ampleforth (AMPL) being its largest gainer.

A recent crypto market-wide rally finally allowed Bitcoin to exceed its $10k barrier. However, the coin did not stop there — it quickly rose above the $11k mark, and it even kept pushing past $11.6k. At the time of writing, Bitcoin sits at $11.623.17, with a 4.25% increase in the last 24 hours.

The altcoin market skyrockets

As mentioned, the rally seems to include most altcoins, as well, as trading in the green definitely dominates the list of largest cryptocurrencies.

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Bitcoin itself is not even the largest gainer on the list of top 10 largest cryptos by market cap. That honor goes to Bitcoin SV, which is growing by 10.66%, followed by XRP, which surged by 9.17%. Then, there is Bitcoin Cash, which grows by 5.14%.

Not only that, but XRP’s new surge even allowed it to reclaim its third spot on the list of largest coins, forcing Tether (USDT) to once again sink to the fourth position.

Other massive gainers worth noting include Ampleforth (AMPL), which is currently the largest gainer in the entire crypto industry. The coin’s price currently sits at $1.28, after surging by 76% in the last 24 hours.

Did the Russian crypto bill help establish the rally?

Until recently, experts feared Bitcoin’s new surge as they expected it to backfire once the coin hits a resistance level at $11.400. Last time when BTC approached this level, its price saw a strong correction, and many expected it to happen again this time.

Interestingly, the price surged past this level, almost immediately after Russian Duma passed a crypto bill that made digital currencies legal within the country. Cryptos still cannot be used as a means of payment, but owning them and trading them is perfectly legal at this time. Thanks to the new surge, the total crypto market cap is approaching $350 billion, with rather impressive gains of 4.5% in the last 24 hours.

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