Major cryptocurrencies surged on Tuesday night as the global cryptocurrency market cap rose 4.3% to $1.53 trillion.
What Happened: Bitcoin (CRYPTO: BTC) traded 4.79% higher at $39,070.98 over 24 hours. Over a seven-day period, the apex cryptocurrency has risen 31.96%.
The second-largest cryptocurrency by market cap, Ethereum (CRYPTO: ETH), was up 2.38% to $2,279.65 over 24 hours and rose 28.73% for the week.
Dogecoin (CRYPTO: DOGE) traded 0.24% lower at $0.20. Over the week, DOGE has risen 20.24%.
See Also: How To Buy Dogecoin (DOGE)
The Shiba Inu-themed cryptocurrency traded 4.81% and 2.35% lower against BTC and ETH, respectively, over 24 hours.
On Tuesday, the token of the blockchain game Axie Infinity (CRYPTO: AXS) was the top gainer, rising 24.26%, over 24 hours to $48.18. Over the last seven days, AXS has shot up 215.48%.
Other notable gainers over 24 hours included Ankr (CRYPTO: ANKR), OKB (CRYPTO: OKB), and IOTA (CRYPTO: MIOTA).
ANKR was up 18.84% to $0.084, OKB traded 16.9% to $18.49 and MIOTA was in the green 14.31% at $0.87.
Why It Matters: On Tuesday, Amazon.com, Inc (NASDAQ:AMZN) denied earlier press reports that it was preparing to accept BTC at the end of the year, leading to major cryptocurrencies retreating.
Large-cap coins are once again in the green with analysts expecting the upward trend to continue.
“Going forward, we expect bitcoin to keep pushing higher and test the upper end of the $30,000-$42,000 trading range,” said Pankaj Balani, CEO of Delta Exchange, CoinDesk reported.
Tuesday was the most active session for the current quarter with spot volumes up 4x versus 30 days average daily volume or ADV, as per Skew, a data analytics platform.
Yesterday was most active session this quarter for crypto markets with spot volumes up 4x versus 30 days ADV pic.twitter.com/JA7Cxuatc6
— skew (@skewdotcom) July 27, 2021
The derivatives side saw plenty of action this week. As per an Arcane Research note, “The short squeeze left $750 million worth of shorts to get liquidated, which is the highest short squeeze we’ve recorded to date in bitcoin.”
See Also: Bitcoin Teases $40,000 — Are We Seeing A Short Squeeze?
“As institutional investors have been waiting on the sideline to take positions, the current market move could be sustained during the week,” said Elie Le Rest, a partner at the cryptocurrency hedge fund Exo Alpha, as per CoinDesk.
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