The cryptocurrency market recorded a strong upward trend for two consecutive days, with many notable sectors breaking out from 3% to over 10%.
The recovery rate is driven by positive developments in legal expectations, improved liquidity, and the positive trend of investor sentiment. Bitcoin and Ethereum lead the increase, while sectors like Meme, Layer 2, and AI also perform excellently.
MAIN CONTENT
Bitcoin increased by 4.27%, Ethereum surpassed 3,000 USD, triggering a strong upward trend.
The Meme, Layer 2, and AI groups achieved increases above 10%, leading a broad recovery.
Many other groups such as NFT, DeFi, RWA, Layer 1, and CeFi also grew simultaneously, reinforcing the recovery momentum of the cryptocurrency market.
How has the cryptocurrency market grown in recent days?
Experts from SoSoValue report that the market has had two consecutive days of growth, with an overall increase of about 3% to 10%. Bitcoin surged 4.27% in 24 hours, nearing 117,000 USD, while Ethereum surpassed 3,000 USD with a 6.44% increase.
Improving the legal environment and favorable liquidity are key factors driving this positive trend. The positive sentiment of investors contributes to increasing market momentum, according to the official report from SoSoValue in July 2024.
Which cryptocurrency sector performed best in this rally?
The Meme group stands out as the most notable with an average increase of 10.56%. Tokens like Fartcoin (17.76%), Mog Coin (20.71%), and MemeCore (44.07%) show exceptional resilience. Following them, Layer 2 increased by 10.42%, with Arbitrum and Starknet jumping 14.41% and 15.97%, respectively.
The AI sector also recorded a 10.26% advancement, with Virtuals Protocol and Worldcoin increasing by 12.32% and 17.74%, respectively. These figures are evidence of the strong spread of new technologies in the cryptocurrency ecosystem.
The recovery of sectors like Meme, Layer 2, and AI demonstrates the trend of diversification and innovation in the context of the cryptocurrency market becoming increasingly refined, especially as liquidity and legal expectations stabilize.
Nguyen Van Hung, CEO of SoSoValue cryptocurrency market research company, July 2024
Which other sectors also recorded positive growth?
In addition to the aforementioned groups, NFTs recorded an increase of 9.85%, with Pudgy Penguins surging 23.33%. DeFi also increased by 6.07%, highlighted by Ethena's 11.54% increase. RWA rose by 5.40%, while Plume reached 9.96%. Layer 1 saw a 5.14% increase, with Hedera rising by 14.19%. PayFi and CeFi also grew simultaneously.
This cross-sector trend reflects the broad recovery capability of the cryptocurrency market, enhancing resilience and diversifying risks for investors.
The consensus and spread of growth across many sectors is a good signal, indicating that cryptocurrencies are not solely reliant on a few major assets but are developing evenly.
Tran Minh Tuan, Financial Analysis Director, Vietnam Blockchain Research Company, 12/2024
Comparison table of the growth rates of notable cryptocurrency sectors
Sector Average increase in 24h Notable Tokens Notable Token increase Bitcoin 4.27% BTC Approaching 117,000 USD Ethereum 6.44% ETH Exceeding 3,000 USD Meme 10.56% Fartcoin, Mog Coin, MemeCore 17.76% – 44.07% Layer 2 10.42% Arbitrum, Starknet 14.41% – 15.97% AI 10.26% Virtuals Protocol, Worldcoin 12.32% – 17.74% NFT 9.85% Pudgy Penguins 23.33% DeFi 6.07% Ethena 11.54% RWA 5.40% Plume 9.96% Layer 1 5.14% Hedera 14.19% PayFi 4.49% Telcoin 11.69% CeFi 3.08% – –
Frequently Asked Questions
What factors have contributed to the price increase of Bitcoin and Ethereum?
Improvements in legal expectations and market liquidity, along with positive investor sentiment, are the main factors driving the strong price increases of Bitcoin and Ethereum.
How do the Meme and Layer 2 groups stand out in this upward trend?
Meme increased an average of over 10.5%, with some tokens like MemeCore increasing by over 44%. Layer 2, including Arbitrum and Starknet, also achieved a growth rate of about 15%.
Why have other sectors like NFT and DeFi also grown simultaneously?
The diversification trend in the cryptocurrency ecosystem allows many sectors to take advantage of recovery opportunities from the entire market, creating a broader growth base.
Is this upward momentum sustainable?
It's essential to closely monitor legal factors, liquidity, and investor sentiment. Experts warn that sustainable development is based on a solid foundation of the market and technology.
What is the most notable highlight in the cryptocurrency market recently?
Bitcoin and Ethereum have new high prices, along with the impressive breakout of the Meme and Layer 2 groups, demonstrating the strength and potential for innovation in the market.
Source: https://tintucbitcoin.com/bitcoin-vuot-116-000-usd-ethereum-tang/
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