Crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins surge
The crypto market capitalisation has risen above the $1 trillion mark following a strong week of double-digit gains from Bitcoin, Ethereum and others
The continued recovery has been influenced in part by the stock market rallying to growing investor optimism in addition to Ethereum’s transition from a more energy-intensive proof of work approval mechanism for transactions and events to proof of stake
While traders celebrate the positive price action, many analysts caution that the upswing is just temporary
After months of widespread selling, the crypto market capitalisation has now risen above $1 trillion following double-digit gains from Bitcoin, Ethereum and others.
At the time of writing the figure sits at $1.017 trillion and is attributed to a mixture of growing optimism from traders in the traditional markets around the potential slowing of inflation growth and the continued progress by Ethereum developers to complete their network merge, ending the transition from proof of work to proof of stake after years of preparation.
However, despite the positive news, some analysts believe that the price upswing is just temporary.
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