Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K
February 08 2022 - 1:16PM
NEWSBTC
The cryptocurrency market is still red, but it seems to be holding
steady for now. In the last 24 hours alone, we’ve seen Bitcoin top
$45,000 and then drop back down below $44,000. With the price of
Bitcoin continuing to climb, it is no surprise that its market cap
has reclaimed $2 trillion. Cryptocurrencies are beginning to
recover after a month-long decline, with some coins seeing
significant gains over the past day. The most valuable
cryptocurrency by market cap, Bitcoin breached $45,000 for the
first time in over 30 days as it gained 5.2%. Related Reading |
Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above
$45K The cryptocurrency industry breathed a sigh o relief this week
following severe sell-offs from January’s tumultuous trading
sessions that saw many coins hit historic lows not seen since last
year’s bull market crash. On Monday alone, there were five separate
crashes across various communities leading up until Tuesday
morning, when things finally started recovering. Bitcoin Could Not
Sustain At $45K Level Honestly, the price could not sustain at
these levels and has since retraced below $44,000. Still, the coin
is up 2.7% in 24 hours with average volatility that left some $305
million worth liquidated positions during this period – the largest
single order took place on OKEx, which valued BTC/USDT position 3.6
million dollars. It is no surprise that most liquidations are of
short positions, and they happen on OKEx and Binance especially.
However, there’s also some activity at Bybit too. Despite the
recent upturn in Bitcoin prices, short positions continue to
dominate. The aggregated funding rate remained negative, generally
seen as a bullish sign. It can lead investors who expect their
investments to liquidate these crypto-assets for even greater
returns profitably. Crypto Market Cap Regained $2 Trillion Bulls in
the crypto space have once again proved their might as they reclaim
a key milestone of $2 trillion for total market capitalization.
This comes on top of recent gains with Bitcoin and some altcoins
too. Today, the top 10 cryptocurrencies are doing well, with AVAX
seeing a 6% increase in value over the last 24 hours. Shiba Inu
(SHIB) continues to be one of our favorite coins that’s up 17%.
MATIC has also seen an 8% rise since yesterday, but other leading
altcoins aren’t following suit again. The day saw a shakeup in the
crypto market, with Solana and Poldadot losing about 3%. Ethereum
lasted more or less flat throughout, which is also true for Binance
coin (BNB). The biggest winner was KDA, which experienced 20%
growth, while QNT saw an 8 percent decline in value over
time. Related Reading | Top Crypto Gainers And Losers Today
The market is becoming more balanced as Bitcoin’s dominance
increases. Bitcoin Correlation With The U.S Stock Market Bitcoin
has been experiencing increased volatility since the beginning of
2022. As a result, many are concerned about its correlation with
stock markets, and it is expected that if this trend continues,
then Bitcoin’s price could go even higher in SP500 index races.
However, the stability within America’s benchmark indices may just
push our digital assets further upwards. The US Federal Reserve has
been a significant factor in crypto price movements over this year,
with many people expecting them to tighten monetary policy again.
The upcoming budget release on Thursday may provide insight into
whether or not that occurs. So we’ll be waiting for updates on
interest rates hikes and what they mean going forward. Featured
image from Pixabay, chart from Tradingview.com
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