According to the latest sources, the crypto market cap was making its way to record highs before it fell flat in a crash. Alongside this, Bitcoin and the US Dollar are also making steady gains. Read on to know more.
The global crypto market cap rose by 2.4% since yesterday. This pulled up the value of cryptocurrency to over $1.92 trillion. However, this was a temporary high as the crypto market fell prey to a sharp correction afterward. Data analysts suggest that the recorded figure was the new all-time high in cryptocurrency. This figure beat the previous record figure of $1.8 trillion that peaked during the initial days of March.
Market analysts note that crypto assets have gained their value in totality. All crypto assets, they mention, are equivalent to 26% of the market cap of gold. As the value of gold continues to decline, analysts note that cryptocurrency is not the sole reason behind it. The major player is the rising value of the US Dollar.
Global Crypto Market Had A Bumper Quarter
On the other hand, Bitcoin makes a steady comeback after Thursday’s crash. Over the past 24 hours, the cryptocurrency has gained about 2% in value. However, it is finding it difficult to keep this surge intact. However, analysts note that this was BTC’s best performance in 8 years. The coin is making 80% profits. Along with this, this is the 4th consecutive quarter that Bitcoin is on the rise.
However, the story complicates a little beyond this point. Historically, it has been noted that BTC is responsible for most of the crypto market’s value. But this time it is noted that BTC’s dominance has come down by 50%. This is bullish news for the overall crypto market as it shows that global cryptocurrency had a healthy quarter.