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Another bull run in the Crypto market?

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The global cryptocurrency market capitalization once again breached the $1 Trillion mark as various virtual cryptocurrencies began to regain their market cap. This has reportedly made cryptocurrencies as valuable as the silver metal on the face of Earth.

Bullish sentiment across the market

The total market capitalization of Bitcoin averaged around $420 billion while on the other hand, the total market capitalization of Ethereum averaged around $180 billion. These cryptocurrencies gained nearly $20 billion amid the bullish sentiment in the market.

Bitcoin was trading at an average of $23,500 after it recently experienced a price pump while Ethereum was trading at an average of around $1570. The price pump helped Ethereum overcome the $1500 barrier and regain its lost value.

Analysts Says

Analysts believe that the increase in market capitalization signifies that there might be a potential reversal in the bear market sentiment in the upcoming days.

The market which had been trading in a bear sentiment for the past few months was rife with fear due to the instability and volatility issues in the market. The news was welcomed by many investors and traders because the news eased a fraction of the volatility sentiment in the market

In the past, the market reached the highest market capitalization in the last quarter of 2021 when it breached the $3 Trillion mark. In April 2021 the market capitalization of cryptocurrencies had equaled the market cap of Apple shares. This signifies that cryptocurrencies can prove to be a great competition to various prominent traditional asset classes in the market.

Disclaimer: The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. Please do your own research.


Author - Govind R.