A Coinmarketcap data has shown that more than $121B has flowed into the digital asset sector within the past day. Consequently, its market cap surged to $2.39tr.
Crypto market cap 24-hour chart. Source: Coinmarketcap
Another good news for the digital asset industry is a surge in BTC’s value. The price of the leading digital asset exceeded $50K for the first time in 21 days. BTC’s price has been bouncing within the $45K and $50K range since the start of the month, following a decline from its peak price of nearly $70K late last month. As of this writing, the BTC price is $51.18k, indicating a 6.13% price surge in the past day and 9% in the last seven days.
Analysts Make Crypto Price Forecasts
BTC’s price bullish action is a testament to the belief of some industry analysts that BTC’s bull cycle isn’t over yet. Famous crypto expert, PlanB, forecasted that BTC would trade at over $100K before June 2022, before a multi-month period of price correction.
PlanB’s assertion may be true as various metrics confirm that the exchanges’ BTC supply is now at a 30-month low as BTC whales refuse to sell, and they hold almost 12% of the BTC supply as of the middle of this month. BTC exchange supply provides a clear idea of the asset’s network activity since it indicates the BTC price trend over three months.
The 3-month low BTC supply on the exchanges indicates that most holders may have moved their assets into cold storage wallets with investors who seem to follow BTC experts’ analysis that BTC bull season is far from over. Investors’ hold of the asset is one reason for the uptrend in its price.
As is always the case, the BTC price rise impacted the majority of altcoins. The price of most altcoins also surged, albeit by minimal margins. However, Ethereum’s price-performance was better than the other altcoins as it rose by almost 5% and now trades at about $4.2K. Some metaverse tokens also surged significantly. Over the past 24 hours, SAND gained 24% and traded at $6.30.
While LUNA gained almost 16.5% and traded at slightly more than $100, also, AAVE surged to a new 21-day peak gaining 14% and trading at $257 based on Coingecko data. Aave price bullish price action follows the safelisting of the network’s permissionless DeFi platform for high net worth investors of SEBA, a Switzerland-based virtual bank. Dog-themed DOGE and SHIB also surged by an average of 5% in the past day.
The digital asset market cap of $2.39Tr indicates a 5.67% gain in the past 24 hours. Also, the virtual asset market volume gained 11.5% in the past day and is now valued at $101.5B. As of this writing, the DeFi sector represents 17.2% of the market’s 1-day volume, with stablecoins representing 77.4% of the crypto market volume in the last 24 hours.