Bitcoin, Dogecoin Remain Flat While Ethereum Surges For 12th Straight Day

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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.

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.

See Also: Cathie Wood’s Ark Says Bitcoin Recovery Seems To Have Been Catalyzed By Elon Musk

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.

Read Next: Is Now The Time To Buy Ethereum As London Hard Fork Draws Closer?

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