The Global crypto-economy rallies past $2 trillion as Bitcoin finally shows some promise. The $2T market cap was reached on March 22, and things have been looking so good now that we haven’t fallen back ever since. Bitcoin moving past the $45k resistance after so long has been the main reason why there was such a jump in market cap.
The crypto economy
The price of Bitcoin is around $47k now, and it has a market cap of $890 billion. We are slowly seeing it move near the $1T market cap, which BTC lost in the previous correction. With Bitcoin’s rally, altcoins have also shown strength which has made the value of the crypto economy rise. In the last 7 days, the price of Bitcoin has been up by 15%, Ethereum is up by 16.42%, ADA is up by 34.53%, Solana & DOT are up by nearly 22%, and Zilliqa is up by 150%.
I mentioned Zilliqa with the more popular coins because it has been the top gainer of the last week. In just one day, the price of Zilliqa doubled, and it moved to the top 100 coins list by market cap. Other than this, sectors like metaverse, DEX, DeFi, Privacy coins have also increased drastically in the last 7 days. The total value locked in DeFi is up 1.04% in the last 24 hours and is around $216.58 billion (10% of the entire economy).
Talking about market dominance, Bitcoin is around 43% and is facing resistance at that level. If the coin doesn’t face any correction, we might see altcoins take off and BTC dominance falling further. Ethereum, on the other hand, is around 19% dominance which has been nearly steady since the past week.
Things are getting bullish
At its peak, the crypto market reached a total cap of nearly $3 trillion. Even though it is still down 30% from that high, we have recovered a lot in the past week or so. Markets have already started to look bullish, and if Bitcoin is able to break the $50.5k-$51.5k range, we could soon see new all-time highs. However, there is bound to be a correction before that happens, which will be an excellent time to pick some alts.
What are your thoughts as the global crypto-economy rallies past $2 trillion? And do you think we will reach $3T by May? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin finally breaks the $45k resistance and tests $47.5k
