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The crypto market held steady this week even after the Fed announced another interest rate hike of 75 basis points. Last week’s market-wide positive price action was sustained this week as leading cryptocurrencies continued making significant gains.

Bitcoin, as of this writing, had added 8.5% to its market value to sell for $24,214, and Ethereum fans enjoyed an even greater rally, with their favorite coin blowing up 12.5% to $1,714.

Much of the buzz around Ethereum is down to the fact the network is laying the groundwork for a major overhaul—aka the merge—when Ethereum will cut its energy consumption by 99.95% transitioning from a proof-of-work blockchain to a proof-of-stake model. A final testnet deployment called Goerli is expected to take place in early August before the network is ready to fully transition.

While Ethereum prepares for the big changes, Ethereum Classic is also blowing up. ETC is based on Ethereum’s original ledger, which includes an infamous $55 million DAO hack that was wiped from Ethereum by vote. The coin surged 52% this week to $40.

Ethereum Classic’s rally comes after crypto mining pool Antpool announced a $10 million investment to back projects built on Ethereum Classic, which will remain a proof-of-work blockchain after the Merge.

Other notable performances this week among the top 20 cryptocurrencies by market capitalization include Cardano (up 11% to $.53), Polkadot (up 20% to $8.64), Polygon (up 14% to $.94), and Uniswap (up 30% to $8.73).

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The cryptocurrency market appears to be attracting renewed buying pressure leading to minor capital inflow that has once again pushed the overall capitalisation above $1 trillion. In particular, the influx has been led by a rally in leading assets such as Bitcoin (BTC) and Ethereum (ETH).

In particular, the total crypto market capitalisation as of July 28 stood at $1.052 trillion, gaining $70 billion or a surge of 7% in the last 24 hours, according to CoinMarketCap data retrieved by Finbold.

Notably, the market appears to be influenced by large cryptocurrencies that have surged significantly in the last 24 hours. For instance, Bitcoin is trading at $23,000 with gains of over 7% over the same period.

The price movement can be deemed a positive sign for the flagship crypto, whose resurgence above $20,000 appeared shaky at the start of the week.

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