The crypto market looks like it is moving back towards making gains as 24 trading volumes crossed $100 billion. Market cap and the price of assets also increased noticeably, with the former briefly crossing $2.02 trillion.
The cryptocurrency market looks like it could potentially be on the cusp of a push upwards as several metrics point towards market growth. Bitcoin’s price is steadily climbing up after breaking the $40,000 mark, now above $42,000. The total market cap has also grown by 3.3%, now just under $2 trillion, though it was $2.02 trillion just a day ago.
But more importantly, trading volume has surged, with the previous day recording $105 billion, which is a significant improvement over the past few weeks. Bitcoin dominates with 40.3% of the market share, and Ethereum follows with 17.9%.
The past week has been good for the crypto market, with numerous projects and tokens seeing improvements in price and general sentiment. ETH crossed the $3,000 market briefly as positive news developed. ETH has grown by nearly 15% in the past week primarily on the news that the Merge had successfully taken place on the Kiln testnet.
One of the market’s biggest gainers in the past week was AVAX, the Avalanche token. AVAX surged by 27.7% and is now sitting at $88.05. It’s clear that the gains are not limited to BTC and ETH but several altcoins as well.
It remains to be seen whether this will turn into a bull run for the market, which has been languishing for a few months now. There is some hope for strong growth this year, built on top of crypto acceptance in the wider world.
A potential 2022 crypto market bull run?
The end of 2021 was phenomenal for the crypto market, resulting in a tremendous increase in market value. However, the weeks that followed were not as kind. Bitcoin dipped to mid $30,000 levels and investors were once again hoping for a bull run.
Recent metrics tentatively indicate that the change they want could happen. There are a lot of general technical developments and regulations that seem to be in the works, which could attract more investors.
Some signals also show that bitcoin has flipped to being bullish for the first time in 17 weeks. Analysts have put up a target of $61,000, but anything goes in crypto, so investors will just be happy to see a movement upward.
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Source: https://beincrypto.com/24-hour-crypto-trading-volume-crosses-100-billion/