Crypto market value nears $2 trillion, Bitcoin stages a huge comeback at $60,000

High buying pressure from two leading Crypto assets by market value has pushed the crypto market valuation near $2 trillion.

The flagship Crypto, Bitcoin was significantly responsible for this feat and has posted gains of more than 16% in the last 7 days, with Ethereum hitting the $2,000 mark.

Hence, the global crypto market cap is $1.58 trillion, a 0.28% increase over the last day.

  • At press time, the global crypto market value stood at $1.93 trillion, a 1.92% increase over the previous day.
  • The total crypto market volume over the last 24 hours is $167.59 billion, which makes a 0.55% decrease.
  • The world’s most popular crypto is presently trading at $60,253.05.
  • Bitcoin’s dominance is currently 58.21%, a decrease of 0.33% over the previous day.

Crypto pundits have cited that the growing interest from institutional investors seen from trend-following hedge funds, and lately, the powerful banks; coupled with credible reports hinting that Coinbase has gotten approval for its direct listing at the Nasdaq, has kept investors holding on to these Cryptos.

Experts also buttress on market indicators revealing that 78% of Bitcoin’s circulating supply is illiquid, meaning that it is now harder for a growing number of retail investors to access the prized Crypto at a fair value.

Adding credence to this bias is data from Glassnode revealing Bitcon’s number of Exchange Deposits (7d MA) just reached a 1-month low of 2,845.357, meaning there are fewer sellers of the world’s most popular crypto asset.

Previous 1-month low of 2,847.935 was observed on 26 March 2021.

In addition, Crypto assets have enjoyed exponential gains, as global financial markets become awash with record stimulus deals, triggered by global central banks using such dovish strategies to support the fragile global economy.

The incredible feat seen lately shows that the ever-changing financial market is enjoying strong buying pressures (on the bias that global investors are keen on hedging against inflation-prone assets like currencies) and riding on the recent astronomical gains of cryptocurrencies.



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