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Wednesday, April 21, 2021

Crypto Market Cap Hits $1.6T As Wall Street Qualms Over Bond Yields

The Crypto market is making back-to-back record gains to recover from last week’s slump. Analysts believe that they are racing at a massive speed as the crypto market cap strikes $1.6 trillion.

However, this surge in the global market cap of cryptocurrency is quite divergent to the path that Wall Street and the US markets in general, have been taking recently. The past few months, however, have been completely different in this regard. The crypto market and Wall Street have been working hand-in-hand in their progress. The Global market cap took a major leap when institutional investors started participating in the cryptocurrency market.

Crypto Market Continues To Surge

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However, the past two days show that there is a rift between the two functionally different markets. The global cryptocurrency market rose from $1.3 to $1.6 trillion. It currently fluctuates between the $1.5 to $1.6 trillion range. Investors note that this is good news for those participating in the market. This is especially true as the immense market volatility had scared off several investors lately.

Bitcoin, which dropped to $44,000s from a peak of $58,000 is also on a steady rise. BTC is playing it slow and steady. This is what many analysts have to say about the leading cryptocurrency. Recently Bitcoin crossed the $900 billion milestone in its market cap. Currently, it is making its way to the $1 trillion mark. Reports suggest that BTC has added a 3.7% gain in the past few days.

In other news, coins like Ethereum (ETH) are also on the rise. ETH surged by 2.39% yesterday. This was preceded by the news of an ETH price hike that drove up Ethereum’s prices to $1,600.

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News from Wall Street suggests a downslide, as opposed to the crypto market. The S&P 500, Nasdaq, and the Dow have closed down after the futures market follows suit. Tech giants in NASDAQ have also sunk making the US stock market as vulnerable as it was during the peak months of the pandemic.

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