Amid its struggles after the FTX crash, the cryptocurrency market is posting modest gains today, driven by similarly modest price increases recorded by its biggest assets by market cap, Bitcoin (BTC) and Ethereum (ETH).
Why is the crypto market soaring today?
According to CoinMarketCap data received on Dec. 20, the total crypto market cap at press time stands at $811.31 billion, which indicates that this indicator has increased by 0.38% in the previous 24 hours.
Total 1-month cryptocurrency market cap. Source: CoinMarketCap
However, the current crypto market cap is still a long way from its peak on November 9, 2021, when it has a net worth of $2.92 trillion, its current status represents a staggering 72.23% and 62.97% drop since then. is doing.
The increases in global crypto market value come as internet personalities like former kickboxer Andrew Tate voice their enthusiasm for Fluidity Money, the decentralized finance (DeFi) protocol that takes and spends money to make available on the Ethereum mainnet.
On top of that, as Finbold previously reported, the number of dead coins dropped by over 70% in 2022, with 92% of high-net-worth clients seeking access to crypto. Also, the global market cap inflows are the direct result of Bitcoin and Ethereum registration gains.
Bitcoin price analysis
Bitcoin is gaining 0.51% daily, changing hands at $16,827 and recovering from a weekly loss of 3.56%, while its market cap stands at $323.73 billion, maintaining its position as the largest cryptocurrency by this indicator. .
Bitcoin 24-hour price chart. Source: Finbold
Ethereum price analysis
At the same time, Ethereum increased its price by 2.42% to the current $1,213 as it is recovering from a 5.80% drop over the course of the week, making it the second-largest crypto asset by this indicator with a market cap of $148.42 billion.
Ethereum 24-hour price chart. Source: Finbold
It’s also worth noting that as both bulls and bears continue their daily struggles over who will control the cryptocurrency market, market cap entries may vary depending on the movements of these two leading digital assets.
Whether their moves will continue their bullish trend will depend on the macroeconomic landscape, including the Federal Reserve’s monetary policy, as well as developments in the crypto industry such as possible staked ETH withdrawals, Bitcoin stockpiling whales, Ripple v Securities and Exchange Commission case outcome.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.