$1 Trillion Market Cap
BTC reaches $22K while the cryptocurrency market regains the $1 trillion market cap
Another scintillating news is the upward surge of the price of Bitcoin (BTC). One of the most popular decentralized cryptocurrencies now sits in the $22,500 range. Besides, ETH or Ethereum attained the $1500 mark with a rewarding double-digit Giga mooning. The combined price pumps of Bitcoin and Ethereum have resulted in a 4.8% increase in the crypto market. These have ultimately led to the crossing of the $1.02 trillion level once again.
Before moving forward, it is crucial to be more aware of the basic crypto terms often used. For instance, market capitalization or market cap is actually the total valuation of the cryptocurrency market. It is calculated by the multiplication of the cryptocurrency price and the number of coins that are presently in circulation.
Delving deeper into the cryptocurrency market cap gives us some interesting sights. Ethereum has reached a market cap worth $180 billion. Did you know that the cryptocurrency received more than $20 billion to add to its valuation in the last 24 hours? Impressive, right? On the other hand, Bitcoin enjoys a total market capitalization of $420 billion.
While the trillion-dollar level of the crypto market cap was a source of joy, it also brought some much-needed debates. People did celebrate the upward surge of crypto, but some were quick to question the bullish nature of the market. Crypto enthusiasts are busy determining if this price spike could be the indication of a new bull market.
The downward trend of cryptocurrency in the last few months has been a source of constant fear and anxiety to traders. As a result, the market is understandably eager to embrace the news of the bull market in crypto.
The last time the cryptocurrency market cap crossed the $1 trillion mark was in April 2021. In fact, it even crossed the $3 trillion level. After that, the downward slope has been a dreadful experience.
While stocks of Apple did reach the same valuation in April 2021, it now sits at a whopping $2.4 trillion. However, crypto had witnessed a massive fall and has crossed the $1 trillion mark just now. However, if all goes well, it could soon go toe-to-toe with the biggest tech corporation in the world.
The graph of the crypto market seems to be going high. With the prevalence of the bullish market, NFTs and cryptocurrency will gain more prominence. If you are eager to comprehend the functionalities of NFTs, you can opt for Koop360. It is an open-source, decentralized, community-based platform offering custom development of NFT and Metaverse ecosystem.