Ethereum Rises 5% as Crypto Market Gains $11 Billion
In July 2018 the total cryptocurrency market capitalisation rose by roughly 11 billion US dollars in 24 hours, with Ethereum gaining around 5 percent. The move was driven by short-term momentum across the three largest assets at the time: Bitcoin, Ethereum, and Bitcoin Cash.
The combined value of the cryptocurrency market increased by around 11 billion US dollars in 24 hours, fuelled by the short-term momentum of Bitcoin, Ethereum, and Bitcoin Cash. At the time, the move was summarised plainly: the valuation of the market rose by roughly 11 billion US dollars over the previous day, triggered by the short-term momentum of those three assets.
What Drove the Crypto Market Gain
The July 2018 gain was a short-term momentum move. When the largest assets by market capitalisation rise together, the total market value climbs quickly because those coins make up most of the market. Bitcoin, Ethereum, and Bitcoin Cash leading the move pulled the broader market up with them.
Market capitalisation is the total dollar value of all circulating units of a coin, calculated as price multiplied by circulating supply. Total market capitalisation sums this figure across every cryptocurrency.
Because a small number of large assets account for most of the total market value, a coordinated 24-hour rally in Bitcoin and Ethereum can move the entire market by billions of dollars without every coin participating equally.
A multi-billion-dollar daily swing usually reflects broad short-term sentiment across the largest assets rather than a single isolated catalyst.
How Ethereum Fits Into the Move
Ethereum rose roughly 5 percent during the July 2018 window. As one of the largest assets by market capitalisation, Ethereum movements have an outsized effect on the overall market figure.
Ethereum is a decentralised, programmable blockchain that supports smart contracts and the ether (ETH) cryptocurrency.
Bitcoin Cash is a cryptocurrency created in 2017 as a fork of Bitcoin, designed around larger block sizes for higher transaction throughput.
Ethereum acted as a momentum amplifier in this episode, moving in step with Bitcoin rather than against it.
What This Means for Australian Crypto Investors
Single-day rallies are momentum events, not trend confirmations. For Australians, the more durable question is how to accumulate crypto over time, and Bitcoin mining is one method of earning newly issued coins directly rather than buying on an exchange.
Sharp valuation jumps tend to renew interest in owning digital assets. For long-term holders in Australia, the practical considerations are accumulation strategy, electricity costs, and the tax treatment of any crypto earned, including mined coins, which the Australian Taxation Office treats as assessable income for business miners. Always seek licensed advice before acting.
Headlines about daily gains are short-term noise, but they often prompt a longer-term decision about how to acquire and hold crypto.
How Mining Store Australia Helps Australians Act on Crypto Market Moves
Daily market jumps like the July 2018 gain show how quickly sentiment can shift across Bitcoin, Ethereum, and the wider market. They also show that single-day moves are momentum rather than trend, which is why long-term holders focus on steady accumulation instead of chasing headlines. For many Australians, the practical question that follows a rally is simple: what is the most cost-effective way to acquire and grow a crypto position over time.
This is where Mining Store Australia fits. As Australia’s number-one Bitcoin mining hardware supplier and a Melbourne-based Bitcoin mining specialist, Mining Store has helped more than 6,000 Australian clients since 2016 start and scale their mining operations. Founded by Bitcoin miners William Wright and Callum Cameron, the team offers ASIC miners for sale in Australia, Bitcoin miner hosting Australia at low electricity rates, and a free Bitcoin mining consultation to match the right hardware and strategy to your goals.
If a rising market has you thinking about Bitcoin mining in Australia, you can explore the hosted mining facilities or browse the Mining Store Australia education hub to understand how mining works before you commit.
