Crypto Market Ignites Bullish Drive Today: Here’s Why
The cryptocurrency market has taken gains coming off the weekend recording positive numbers in multiple metrics. The total crypto market capitalization is up 3.5% today to $2.56 trillion starting the week with fresh inflows.
New gains were marked in crypto asset prices, institutional inflows, and DeFi volumes as well as a surge in total value-locked TVL in the last 24 hours. A key indicator is the sharp 15% increase in trading volumes in the same time frame. Trading volumes in crypto assets stand at $81.2 billion while DeFi volumes swirl around $8.05 billion, a 9% jump.
Crypto Assets Run Uphill
Bitcoin (BTC) is up 3.52% wiping out previous weekly losses as seven-day net stands at a decline of 0.89%. Bitcoin’s 24-hour volume is up 29% today at $29.9 billion. At press time, Bitcoin trades at $67,019 after moving sideways in previous days.
Last week, Bitcoin recorded major outflows due to macroeconomic factors and reduced investor confidence as the wider crypto market plummeted.
Ethereum is up 2% reducing weekly losses to 3.7% and a 30-day gain of 13.79%. BNB and Solana are up 4.1% and 7% respectively showing strength in the renewed form of the market. However, Dogecoin and Shiba Inu are at slight daily losses at 1% and 1.23% respectively as the memecoin frenzy cools.
Why Is The Market Up?
Analysts opine a key reason for the uphill swing is anticipation for the upcoming halving perceived as a bullish event in the coming days. After the passage of spot Bitcoin ETFs, miners, and traders turned to halving hedging their positions through various strategies.
Miners have also been seen to be moving assets and scrambling for old mining hardware to improve capacity. Also, experts predicted a rebound that followed the correction of last week. The correction that led to outflows was slowed down by reactions to the Federal Open Market Committee’s (FOMC) meeting. The decision to maintain rates and a hint at cuts later in the year can swing things in the market’s favor.
However, weekly impacts remain high as reported by outflows from crypto asset products. Last week digital asset products recorded $942 million outflow, the first exits in the last seven weeks.
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