The cryptocurrency market cap, amid weeks of heightened volatility, is holding above the $1 trillion threshold as the market awaits the Federal Reserve chairman Jerome Powell’s address to the annual global central banking conference in Jackson Hole, Wyoming, on August 26.
Currently, the global crypto market capitalization is $1.03 trillion, a 0.29% increase over the last day, according to data retrieved from CoinMarketCap on August 24. Meanwhile, the crypto market volume in the previous 24 hours is $68.83 billion, which makes a 1.43% decrease.
Nexo leads crypto market gains
The native token of the Nexo platform, NEXO, is now the cryptocurrency with the greatest performance among the top 100 cryptocurrencies measured by market cap. Indeed, Nexo leads the 100 pack in the last 24 hours by as much as 11.5%, followed by Waves (WAVES), surpassing 9%, and Helium (HNT), with over 9% gains.
The whole market is still in the process of gradually recovering from its recent drop, and NEXO’s rebound occurs at the same time.
The NEXO token has been on an upswing since the development team discussed their strategies for the forthcoming Ethereum (ETH) Merge. The group has indicated that it is on board with Ethereum’s Proof of Stake (PoS) transition.
Notwithstanding this, in the event that Proof of Work (PoW) forks occur, Nexo will assess the logistics and assistance for distribution. If the network is robust and offers a considerable amount of value to its users, Nexo will send the forked tokens into the accounts of those users.
NEXO may be able to surge through the first major resistance level located at $1.172 during the coming few hours or days if the bullish momentum continues as it has been. However, in order to break over the psychological barrier of $1.40 for the first time since May, it would need the backing of the larger cryptocurrency market.
Antoni Trenchev, the co-founder of crypto lending platform Nexo, also suggested that the Merge’s initial success is key to driving Ethereum much higher.
Bitcoin and Ethereum price
Finally, after gaining a value of more than 2% in the last 24 hours, Ethereum is looking to break over the resistance point at around $1,700.
Meanwhile, the flagship digital asset Bitcoin (BTC) is currently down marginally 0.54% in the last 24 hours and a further 10.21% across the previous seven days, with a total market cap of $409 billion, at the time of publication.
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