Crypto Market Hit Its $1.3 Trillion Mark With Bitcoin’s New Rally

• Crypto Market gained nearly 4.7% in the last 24h.
• Bitcoin is trading up 5.56% in the last 24h.

The global crypto market gained a slight upward momentum in the last 24 hours to attain its ‘$1.3 trillion mark’ in market capitalization. According to Coingecko, the market was worth $1.27 trillion USD on Sunday and has risen up to $1.33 trillion USD, at the time of writing. This fuels the anticipation of a bull run among investors. 

The DeFi industry also exhibited a 3% hike in terms of TVL in the last 24 hours. According to DefiLlama, this sector increased from $106.9 billion USD on Sunday to $110.32 billion USD today.

Dominant bears gained their power in late 2021 and drove the bulls away to the sidelines. The prevailing bear market has been causing trillion-dollar losses to the global crypto market. The Crypto space attained a $3 trillion USD market cap in November 2021. During this phase, the dominant cryptocurrencies, Bitcoin and Ethereum, hit their all-time high.

Since late March 2022, the losses deepened and the crypto space’s market cap plunged to its all-time low of $1.24 trillion USD in mid-May. While Bitcoin dropped nearly 61% to its all-time low of $26,350 USD on May 12. Ethereum plummeted by almost 64% to its all-time low of $1,721 USD on Friday.

Importantly, the mayhem of the Terra Classic ecosystem, caused by UST de-pegging and the crash of LUNA, swayed major losses. The new LUNA 2.0 went live on May 28 at a price of nearly $20 USD and almost dropped 70% to $6 USD.

Bitcoin’s New Rally

Bitcoin set a new record in laying down 9 weekly red candles consecutively in a row since late March. The price of the largest crypto spiked by 5.56% from $28,986 USD on Sunday to $30,631 USD, at the time of writing. This relief rally influences the crypto market to witness short hikes.

Bitcoin continues to be in the “accumulation phase” and crypto investors have begun advocating this phase as a suitable phase to buy and HODL the crypto. The bitcoin rival, Ethereum (ETH), hiked by 5.48% to $1,903 USD, at the time of writing.