For the first-time in over a month, the combined cryptocurrency market capitalisation has risen above the $1 trillion benchmark.
Since the beginning of the week, there has been a huge upsurge in cryptocurrency investing. Retail investors are taking advantage of a dominant bullish sentiment within the industry.
The total crypto market cap was pegged at $1,065,628,469,022.754 at the time of writing as fueled by the massive growth in the price of Bitcoin (BTC), and Ethereum (ETH), respectively. Bitcoin rose more than 6% to $23,385, while Ethereum printed $1,561 in price, an increase of over 3%.
Market bulls, especially those who are holding on to their bags, will be relieved by this trend. It signifies that the ecosystem for digital currencies can get a revitalization even without any significant fundamental driving the bullish sentiments.
After a slumping 18-months ago, Bitcoin is now at its highest point in a single month. There are speculations that the industry will slow down and ease out of the crypto winter.
The worst days may still be ahead
Although it may sound pessimistic at times, the current rise in crypto prices is likely to be a natural correction by bulls after the market crash that lasted for several weeks.
The US Federal Open Market Committee (FOMC), which is scheduled for the month’s end, remains one of the most important events. The Feds might be forced to raise interest rates once more, probably by more than 75 basis points, in order to curb inflation.
If this happens, stock market This will cause the industry to react in a manner that could offset the current growth in digital currency ecosystem. The industry cannot predict the future, but it is likely that the industry will react in a way that might offset the current growth in digital currency ecosystem.
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