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.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.