The total crypto market capitalization has reclaimed the $2 trillion level for the first time since 2022, as the price of Bitcoin surges above $58,000.
A rally in Bitcoin’s price brought the world’s largest cryptocurrency market cap to a current multiyear high of $59,397, while Ethereum enjoyed a 7% pump to rest at $3,327 at the time of writing this report.
Bitcoin and Ethereum’s gravitational pull on the market has seen dozens, if not hundreds of cryptocurrencies report double-digit percentage returns this past few days.
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Other top altcoins have also peaked, with Solana’s SOL gaining 9% over the last 24 hours to hit $110. XRP $0.59, Cardano’s ADA $0.64 and Avalanche’s AVAX $39.86 were up 5.3%, 7%, and 6.5%, respectively, over the same period. The 10th-placed Dogecoin DOGE also enjoyed double-digit gains, climbing 15% to $0.09779.
Their combined efforts have culminated in a 7.7% rally to the global crypto market value, lifting it to a 22-month high of $2.14 trillion, according to data from CoinMarketCap. With the current crypto capitalization, the market is now some billion dollars bigger than Amazon and larger than Google parent Alphabet.
The recent rally comes amidst a flurry of market activity and growing optimism, spurred by various factors shaping the crypto landscape. Notably, Bitcoin’s ascent to a $2 trillion market capitalization follows the debut of ETFs approval, signaling a turning point in the crypto market, which has notably instilled renewed confidence among investors and enthusiasts alike.
The rallying market is basking in bullish market sentiment, with Bitcoin Bull market predicted calls by crypto enthusiasts. Executives in the cryptocurrency industry have called the start of a new bull run with a growing number of voices calling for fresh all-time highs for Bitcoin in 2024 above $100,000. The digital currency’s last record high of nearly $69,000 was hit in November 2021.
Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. FTX, once one of the world’s biggest exchanges, collapsed with its founder Sam Bankman-Fried facing over 100 years in prison after he was found guilty on seven counts of criminal fraud.
Now that those issues are out of the way, investors are focused on what the industry sees as positive developments. There have already been some bold calls for Bitcoin in 2024. It began with Standard Chartered which reiterated on April price call that Bitcoin would hit $100,000 by the end of 2024. The bank said this will be driven by the approvals of numerous ETFs.
Also, Matrixport, which bills itself as a crypto financial services firm, projected that bitcoin would reach $63,140 by April 2024 and $125,000 by the end of next year.
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