Last Updated on: 24th July 2023, 03:35 am
Cryptocurrencies are resuming uneven recovery trends and gaining ground that was lost last week, as global market capitalization increased 13% in the past 48 hours.
To begin with, Bitcoin briefly peaked at $40k and fell below $30k in recent weeks, but it has spent most of its time trading in this area. At the time of this writing, Bitcoin was trading at $35,083, making up for last week’s losses, but still more than 40% below its all-time high in April.
Total market capitalization is still below the $1.5 trillion mark, but there is good news on the block, as trends from previous bull runs in 2013 and 2017 suggest it could hit a new high soon.
Cryptocurrency Market Trend and Statistics
Bitcoin’s return to the green was largely due to news that US financial services giant Morgan Stanley bought 28,289 shares of Grayscale Bitcoin Trust through its Opportunity Fund for Europe, Yahoo Finance reported.
Also Read: Cryptocurrency prices become stable as bullish investors deny to sell their assets
Lower market caps are also showing signs of growth. Ethereum saw BTC rise 3.51% north of $2k after hitting hourly lows of $1,910 in the past 48 hours.
Overall, the recovery is gradual and there is a good chance that the market will turn green for the rest of the week. Cardano gained momentum along similar trend lines, reaching encouraging levels at $1.36 after last week’s humility.
Binance Coin, the world’s fourth-largest cryptocurrency by market capitalization, is trading at $301.2, an increase of 3.8%.
The coin is showing signs of short-term positive growth despite the entire Binance Exchange audit.
Dogecoin is up almost 1% in the last 24 hours and has settled at $0.25, despite impressing some investors after failing miserably last week.
Polkadot, the ninth-largest cryptocurrency by market cap, is perhaps the best performing of the day, rising nearly 6.5% to $16.3 at the time of writing.
The crypto streets appear to have entered a temporary phase of gradual growth, at least for now. While many investors fear that downtrends will continue for the rest of the calendar year, some experts are forecasting new highs for BTC and total market capitalization.
So do we see a collapse before a new all-time high for cryptocurrencies? Please let us know via email or in the comments section below.
