For the first time in about a month, the combined crypto market capitalisation climbed back up above the $1 trillion benchmark.
There has been a massive upsurge sweeping through the cryptocurrency ecosystem since the start of the week as retail investors are capitalising on a predominant bullish sentiment in the industry.
The general crypto market cap was pegged at $1,065,628,469,022.754 at the time of writing as fueled by the massive growth in the price of Bitcoin (BTC), and Ethereum (ETH), respectively. While Bitcoin was up over 6% to $23,385, over the past 24 hours, Ethereum has printed as much as $1,561 in price, up over 3% within the same time frame.
Market bulls, particularly those holding onto their bags, will feel somewhat relieved with this trend as it signifies that the digital currency ecosystem can receive a rejuvenation even without any notable fundamental driving the bullish sentiments.
With Bitcoin growing to its highest point in a month after slumping as low as its 18-month performance last month, speculations are now mounting concerning the likelihood of the industry slowing and easing out of the menacing crypto winter.
The Worst Days May Still be Ahead
Without sounding so pessimistic, the current surge in crypto prices is likely a natural bullish correction after the encompassing market slump that stretched several weeks.
Some of the most pivotal events are still ahead, including the US Federal Open Market Committee (FOMC) scheduled for the end of this month. With inflation notably higher than projected, the Feds may be forced to raise interest rates again, likely more than the 75 basis points recorded the last time, all in a bid to curtail the inflation rate.
Should this happen, the stock market is bound to react in a way that might offset this current growth in the digital currency ecosystem. While the gravity cannot yet be forecasted, there is a likelihood that the industry is not yet out of the woods, and while the omen remains good, the crypto winter may be far from being over now.
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