The total Crypto market cap has hit the lowest since December 2022, after the Bitcoin price has touched $17,000. This crash has taken the entire market by storm, with most of the top coins declining by more than 20% in a week. After hitting rock bottom, the crypto market capitalization has been gradually moving in an upward direction.
The total crypto market cap has been moved by more than 25% within a week after touching the lowest of $742.8 billion. Despite the warning of capitulations by experts, the crypto market has gracefully surged and reclaimed its $900 billion mark again. Nevertheless, the crypto market cap is still down by nearly 70% from its all-time high of $3 trillion.
Bitcoin, the top cryptocurrency, has witnessed a remarkable rebound and spiked by 25% over the past week, driving the significant upswing of most of the cryptocurrencies’ prices. Some of the top cryptocurrencies rose by more than 50% last week. Polygon (MATIC) 60%, Uniswap (UNI) 50%, Shiba Inu (SHIB) 45%, Solana (SOL) 40% were the top gainers.
While the cryptocurrency market cap is still facing strong resistance at the $1 trillion mark, the gradual upward move in Bitcoin price has ended the speculation over the bottom of the market and ascertained that a slow but significant upward movement is imminent.