Crypto Industry Total Market Cap Is Back At Nearly 1 Trillion
The rally over the past few days has brought the crypto industry’s market cap back to almost $1 trillion. As you can see from the graph, this point seems to act like some kind of resistance. As of this writing, we’re seeing a small setback, but we hope it’s temporary.
Unfortunately, it is impossible to fly to the moon with financial assets on straight candlesticks. As a rule, this is always a trial and error process. A bull market also sees a lot of alternating ups and corrections. The market has also hit a wall now, with Bitcoin falling by 2.21% over the past hour. That doesn’t change the fact that it’s up 8.47% over the last 24 hours and up 20.99% over the last 7 days.
As of this writing, Bitcoin is trading between $21,000 and $20,544 tonight. Bitcoin has a market capitalization of $395.53 billion and still controls over 40% of the market. For example, Ethereum has a market capitalization of $186.83 billion, much lower than Bitcoin. Ignoring stablecoins, Bitcoin and Ethereum are currently the only really serious projects based on market capitalization.
we are not there yet
Launching in 2023, the ramp is impressive, but it still has a long way to go. For example, it’s still about 50% cheaper than it was before the Terra Luna ecosystem collapsed in May 2022. Slowly but surely, people are getting hopeful again, but everyone is still skeptical.
Especially since the macroeconomic situation hasn’t changed much. Basically, inflation is down and that’s a plus, but the problem hasn’t really been resolved yet. In fact, the Federal Reserve has indicated that he expects interest rates to remain at these relatively high levels throughout 2023.