Ethereum (CRYPTO: ETH) showed strength on Monday evening even as the global cryptocurrency market cap remained flat with a 0.14% decline to $1.6 trillion.
What Happened: The second-largest cryptocurrency by market cap traded 2.66% higher at $2,625.06 over 24 hours. For the week, ETH is up 17.38%.
See Also: How To Buy Ethereum (ETH)
The largest cryptocurrency by market cap, Bitcoin (CRYPTO: BTC) traded 1.25% lower at $39,377.65. Over the last seven days, BTC has risen 5.42%.
Dogecoin (CRYPTO: DOGE) traded 0.33% lower at $0.20 over 24 hours. Over the last seven days, DOGE has marginally declined by 0.09%.
The Shiba Inu-themed coin rose 0.94% against BTC and fell 2.9% against ETH over 24 hours.
THORChain (CRYPTO: RUNE) — the token of a decentralized cross-chain liquidity protocol — and Elrond (CRYPTO: EGLD) — the native coin of a blockchain with a scalability focus — were among the top gainers over 24 hours.
RUNE and EGLD rose 24.81% and 17.3% over 24 hours to $7.47 and $101.67 respectively. Over the week RUNE spiked 90.17% and EGLD 17.6%.
Other notable gainers over 24 hours included Bitcoin Gold (CRYPTO: BTG), Chainlink (CRYPTO: LINK), and Tezos (CRYPTO: XTZ).
BTG shot up 15.91% at $58.17, LINK traded 8.94% higher at $23.92 and XTZ traded 7.08% higher at $3.15 in the period.
Why It Matters: Ethereum has rallied for 12 straight days, which is the longest continuous period ever, noted data science company IntoTheBlock on Twitter.
#Ethereum has notched a 12-day winning streak, the longest ever
The IOMAP indicator reveals that $ETH is sitting on strong support while facing the last 2 key levels of on-chain resistance on its path to $3k once again
Between $2,598 and $2,753, 1.19m addresses bought 2.03m ETH pic.twitter.com/KAP3y0V94i
— IntoTheBlock (@intotheblock) August 2, 2021
The surge in the Vitalik Buterin co-created cryptocurrency comes ahead of the London hard fork reportedly slated for August 4, as per a Coindesk report.
“The coin has trailed an uptrend from the weekend, and we may see this brewing positive sentiment over the coin shoot its price to $3,000 in the coming days/weeks following the update,” said payments firm Mercuryo’s Chief Operating Officer Greg Waisman.
Meanwhile, an under-debated bipartisan infrastructure bill in the Senate, which is to be financed in part by cryptocurrency transactions, is casting a long shadow over the market.
Even though the bill’s language has been upgraded, the ambiguity on the definition of brokers is causing significant consternation in the cryptocurrency universe.