Today the bears had to give in to the bullish forces which have been trying to overcome the bears this week long. Although bitcoin is leading the rally with a two-month high breaking above the $8,000 mark, the bulls have taken over the entire market.

The entire cryptocurrency market reached the 300 billion level which was last experienced around halfway June. With the current bull run being attributed to some positive news concerning institutional investors and major firms like Blackrock joining the cryptocurrency space, the market has added close to 100 billion dollars in the past one month.

According to coinmarketcap, bitcoin is currently trading at $8,174.16 signifying a 5.88 percent rise. Earlier in the day, bitcoin had touched the $8,363 and later subsided to the $8,229 to reach to the current level.

Out of the 300 billion US dollars that the overall cryptocurrency market has, bitcoin is accounting for over 140 billion US dollars which is 47 percent of the total market capitalization.

Among the top coins which drove the market cap includes ethereum (ETH), Ripple (XRP), bitcoin cash, EOS, Stellar and Litecoin which currently have a market cap of 48, 18, 15, 8, 6, and 5 billion US dollars respectively. Generally, all the top altcoins appreciated both in price and market capitalization.

Something which was out of the ordinary this time though, the price of altcoins did not move proportionately with the fluctuations of the price of bitcoin. Although the altcoins gained more value against the US dollar, they relatively lost when placed against bitcoin. Bitcoin’s significant break above the $8,000 mark was predicted by experts at the beginning of the week

Since the bulls have taken over the entire market, do you think they will sustain the momentum for the rest of the year?

Let us know your thoughts in the comments section below.