Crypto Market Cap Hits $1 trillion After Incredible Rally

News / 07.01.2021

The crypto market has witnessed a massive bullish movement in the past 24 hours. At the time of writing, the total market cap has exceeded the $1 trillion mark for the first time.

Bitcoin Hits New All-Time High

Bitcoin (BTC) bullish run has continued in recent days as the leading coin continues its march towards uncharted territory. After experiencing a major dip a week ago, which saw the coin move below $30k, Bitcoin has recovered remarkably. The leading coin began the day trading at around $34,000 before making a major move above the $35k mark. After several retracements, Bitcoin successfully established its price above $35,000 and began its quest towards the $40k resistance point.

The past few hours have seen a renewed surge by the coin, surpassing the $37k mark for the first time. In this process, BTC created a new all-time high of $37,243, according to data from CoinMarketCap. Since then, the coin has experienced a slight correction and is trading for $36,900.

The market sentiment for the leading coin is high, and the fear/greed index points to extreme greed. Several analysts are predicting that the bullish run has only just begun. In a recent report, US bank JPMorgan suggested that the leading coin could hit $146,000 in the long-term.

Crypto Market Bullish

The crypto market has experienced an unprecedented bullish rally in the last 24 hours. Most of the top 20 coins are trading green, with a majority experiencing double-digit gains during this period. Leading altcoin Ethereum is in a minor bullish run of its own, gaining 11.67% in 24 hours. Ether, its native token, hit a three-year milestone in the past few hours and is firmly above the $1000 mark.

Stellar (XLM) is the biggest gainer among the top 20 coins moving into ninth on the coin rankings. The cross-border platform token is up 78% in the past 24 hours and 189% in the past seven days. Cardano is also enjoying a decent surge in price, up 32% during this period. Embattled token XRP has also gained a major respite with 15.92% in the past 24 hours.

The total crypto market cap is up by 10% adding $100 billion in 24 hours. It is valued at around $1 trillion at the time of publication, with Bitcoin’s market dominance at 68.4%.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.