Share this article
Bitcoin surpassed $43,000 early Tuesday while Ethereum surpassed $3,000– bringing the total crypto market cap back above $2 trillion.
Crypto market back above $2T
The crypto market is showing signs of life.
According to data from CoinGecko, the global market cap for the emerging asset class surpassed $2 trillion for the first time since March 3 today, as Bitcoin, Ethereum and other digital assets rallied. Bitcoin, by far the largest cryptocurrency with a market cap of around 40%, surpassed $43,000 this morning after jumping 4.2%. Ethereum also broke a key resistance level at $3,000, surpassing the milestone for the first time since the beginning of the month. The top two crypto assets have struggled to maintain momentum over the past few months amid tensions between Russia and Ukraine and uncertainty over Federal Reserve rate hikes; both are around 38% below their all-time highs from November 2021.
In addition to Bitcoin and Ethereum, several other assets have rallied today. Cardano and Polkadot, two smart contract networks hoping to take market share from Ethereum, are up 6.4% and 6.5%, respectively. Interestingly, some of the top performers of the day are older, dormant projects that gained prominence in the 2017 bull run, including Bitcoin Cash, EOS, and Ethereum Classic. They are up 12.2%, 10.7% and 9.7% respectively.
Other recent winners have underperformed over the past 24 hours. Avalanche and Terra, for example, are both down despite showing strength over the past week. JUNO and Osmosis, two fast-growing projects in the Cosmos ecosystem, are also down today.
The market has struggled to maintain its highs over the past few weeks, thanks in part to the macroeconomic climate and negative sentiment across the room. When the CPI print for US inflation was 7.9% for February earlier this month, Bitcoin barely reacted despite its purported role as an inflation hedge (it hit an all-time high of $69,000 in November on similar news). Commodity prices have also soared in recent weeks after the world shunned Russia over its invasion of Ukraine, sparking fears of a global recession. This means that risky assets like crypto could have a rough couple of months ahead, despite the recent uptrend in the market.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.
Share this article
The information on this website or information obtained through this website is obtained from independent sources which we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any information on or through this website . Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or any other financial advice. Information on this website is subject to change without notice. Some or all information on this website may be or become out of date, incomplete or inaccurate. We have the right, but not the obligation, to update any information that is out of date, incomplete or inaccurate.
You should never make an investment decision about any ICO, IEO or any other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for analysis or coverage of ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
Investment Survey: Win a $360 Pro BTC Trader Subscription
We do this because we want to be better at selecting advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What interests you?” Answer our questions…
commodities rise. This is a bad sign for crypto
Oil, gas, wheat and precious metals are rising adding inflationary pressures to the already high CPI inflation numbers. In the past, such energy and oil price jumps have led to global recessions,…
Bitcoin network activity is increasing. What’s next?
Multiple on-chain metrics suggest Bitcoin is gaining strength for a significant bullish momentum. Still, the top crypto has a major hurdle to clear first. Bitcoin on-chain metrics are being tracked…
Opinion: 2022 is Ethereum’s biggest year yet
With the merge to proof-of-stake on the horizon, 2022 is a pivotal year for Ethereum. Ethereum is gearing up for the merger around this time last year as the big bull run…
Comments are closed.