Bitcoin And Ethereum Top $100 Billion Market Spike
The digital asset industry continues to show strong signs of recovery as the overall market cap is presently around the $1.3 trillion range. Despite the losses witnessed in the past few months, the market might restart its bull run to push digital currencies to more attractive highs.
The industry’s largest assets in terms of market cap, Bitcoin and Ethereum, opened on the green zone, helping the industry jump by over $100 billion. This feat was achieved within the 24 hours mark, pushing the industry’s total market cap above $1.3 trillion., being one of the highest gainers in the crypto market, has added almost 10% to its previous value. Although the industry is yet to fully recover lost values, charts indicate the possibility of an uptrend.
Ethereum Records 8% Gain In New Jump
Ethereum has always been an excellent performer when compared to all the top ten assets in the industry. Recent data from Coinmarkcap, a crypto statistics company, revealed that Bitcoin hit the $600 billion mark when it surpassed $32,000. The new growth might have contributed to Bitcoin’s dominance moving towards 50%. The king coin is an benchmark asset that influences the movement of other coins. Bitcoin is not the only stronger gainer as Ethereum surpassed $2,000. Although the coin trades presently at around $1,900, it’s market cap has moved above the $200 billion mark, taking it dominance to 18% and it’s gain to around 8%.
The highly volatile industry has seen some attractive increases this year as it hits the Q2. The industry is currently facing constant sell-offs that contributed to the shrink in market cap. Another crypto-related firm, Bybt shared how the new price growth liquidated above $300 million in short positions. New data show that Bitcoin’s volatility is increasing, and this could either be a good or bad news for the crypto community. The coin has witnessed rapid price movements around the $30,000 mark, and this contributed to its loss below the support. Similarly, the asset’s volatile nature has helped it move above the mark, welcoming some new gains.
Glassnode Reveals Changes In Crypto Market
Glassnode, one of the community’s trusted analysis company, explained the logic behind recent changes. The firm wrote a report, which revealed the increased Bitcoin miners and also BTC’s net entity growth. The company explained that miners are in net accumulation, which is linked to selling pressure, which is being reduce by the accumulation of miners. It added that investors and long-term holders are not worried about the coin’s recent volatility. The report revealed that numbers of holders are increasing, despite the current situation of the market.
Glassnode assured that the holders are ready to keep holding even with the recent value decreases of digital assets. Some market traders and analysts have linked the recent price drops to March’s bearish rally in the crypto market, which saw significant losses before the bull run began. Experts also linked the effects of the pandemic to the market’s instability. As businesses and companies recover from the global pandemic, the crypto community could see positive changes if the selling pressure decreases.
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