Crypto Market Hit Its $1.3 Trillion Mark With Bitcoin’s New Rally

  • Crypto Market gained nearly 4.7% in the last 24h.
  • Bitcoin is trading up 5.56% in the last 24h.

The global crypto market gained a slight upward momentum in the last 24 hours to attain its ‘$1.3 trillion mark’ in market capitalization. According to Coingecko, the market was worth $1.27 trillion USD on Sunday and has risen up to $1.33 trillion USD, at the time of writing. This fuels the anticipation of a bull run among investors. 

The DeFi industry also exhibited a 3% hike in terms of TVL in the last 24 hours. According to DefiLlama, this sector increased from $106.9 billion USD on Sunday to $110.32 billion USD today.

Dominant bears gained their power in late 2021 and drove the bulls away to the sidelines. The prevailing bear market has been causing trillion-dollar losses to the global crypto market. The Crypto space attained a $3 trillion USD market cap in November 2021. During this phase, the dominant cryptocurrencies, Bitcoin and Ethereum, hit their all-time high.

Since late March 2022, the losses deepened and the crypto space’s market cap plunged to its all-time low of $1.24 trillion USD in mid-May. While Bitcoin dropped nearly 61% to its all-time low of $26,350 USD on May 12. Ethereum plummeted by almost 64% to its all-time low of $1,721 USD on Friday.

Importantly, the mayhem of the Terra Classic ecosystem, caused by UST de-pegging and the crash of LUNA, swayed major losses. The new LUNA 2.0 went live on May 28 at a price of nearly $20 USD and almost dropped 70% to $6 USD.

Bitcoin’s New Rally

Bitcoin set a new record in laying down 9 weekly red candles consecutively in a row since late March. The price of the largest crypto spiked by 5.56% from $28,986 USD on Sunday to $30,631 USD, at the time of writing. This relief rally influences the crypto market to witness short hikes.

Source: BTC/USDT – TradingView

Bitcoin continues to be in the “accumulation phase” and crypto investors have begun advocating this phase as a suitable phase to buy and HODL the crypto. The bitcoin rival, Ethereum (ETH), hiked by 5.48% to $1,903 USD, at the time of writing.

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