We all know that Bitcoin was struggling to reach $30,000 during the market crackdown. However, it managed to break through the heavy resistance level and begin to recover from its bearish state. BTC has been showing only upward momentum since May, and it has been trading above the $40K mark for the past month.
Significantly, Bitcoin has risen to a high level and tapped the $50,000 zone now which seems to be the current interesting part of the crypto-market. Besides, the largest cryptocurrency in the industry has a total market capitalization of $943 Billion.
The chart clearly depicts the upward trend after the crackdown in May. Long-term holders and institutional investors fueled their BTC holdings while prices remained low, according to on-chain metrics. Following its low track of $30,000 level, BTC has gained momentum along with a series of highs and lows.
Crypto Capitalization Hits $2 Trillion
The crypto market seems to witness larger capitalization this month since its fall in May. Currently, the total cryptocurrency market-capitalization is roughly $2.2 Trillion whereas Bitcoin’s capitalization alone turns out to be $943 Billion.
According to the Fear & Greed Index, Bitcoin’s sentiment has flipped from ‘extreme fear’ to ‘extreme greed’ within one month. On the contrary, the total market-cap in the bearish month of July was below $1.3 Trillion but now the market has recovered.
However, after the bullish catalyst for Bitcoin, other altcoins also followed Bitcoin’s suit. From the start of this month, BTC’s price has surged while other altcoin’s prices also have witnessed highs. At the time of writing, 7-day statistics show that Bitcoin is up 6.4% whereas Cardano (ADA), Polkadot (DOT), and Solana (SOL) each have double-digit weekly gains.
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