The cryptocurrency market capitalization, amid weeks of heightened volatility, remains above the $1 trillion threshold as the market awaits Federal Reserve Chairman Jerome Powell’s speech at the annual conference. of the world’s central banks in Jackson Hole, Wyoming, on August 26.
Currently, the global crypto market capitalization is $1.03 trillion, an increase of 0.29% from the last day, according to data pulled from CoinMarketCap on Aug. 24. Meanwhile, the crypto market volume in the previous 24 hours is $68.83 billion, which is a 1.43% decrease.
Nexo Leads Crypto Market Gains
The native token of the Nexo platform, NEXO, is now the top performing cryptocurrency among the top 100 cryptocurrencies measured by market capitalization. Indeed, Nexo leads the pack in the 100 over the past 24 hours by 11.5%, followed by Waves (WAVES), exceeding 9%, and Helium (HNT), with more than 9% gains.
The broader market is still gradually recovering from its recent slump, and NEXO’s rebound is happening at the same time.
The NEXO token has been on the rise since the development team discussed their strategies for the upcoming Ethereum (ETH) merger. The group has indicated that they are fine with Ethereum’s Proof of Stake (PoS) transition.
Notwithstanding this, in the event of Proof of Work (PoW) forks, Nexo will assess logistics and distribution support. If the network is robust and offers considerable value to its users, Nexo will send the forked tokens into those users’ accounts.
NEXO might be able to break through the first major resistance level located at $1.172 over the next few hours or days if the bullish momentum continues as it has. However, in order to breach the psychological barrier of $1.40 for the first time since May, it would need support from the largest cryptocurrency market.
Antoni Trenchev, the co-founder of crypto lending platform Nexo, also suggested that the initial success of the merger is key to taking Ethereum much higher.
Bitcoin and Ethereum course
Finally, after gaining more than 2% in value over the past 24 hours, Ethereum is looking to break through the resistance point at around $1,700.
Meanwhile, flagship digital asset Bitcoin (BTC) is currently marginally down 0.54% in the past 24 hours and a further 10.21% in the previous seven days, with a total market capitalization of 409. billion, at the time of publication.
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