Total Crypto Market Cap Could Reach $2 Trillion Again, Says Analyst
After facing challenges in recent weeks, the cryptocurrency market appears to be on the path to reaching a market capitalization of $2 trillion, a milestone it last achieved in March 2022. According to crypto trading expert Michaël van de Poppe, the total market cap of the crypto sector has rebounded from a crucial area at $1.54 trillion. Van de Poppe’s chart pattern analysis suggests that the market could continue its upward trajectory and reach the $2 trillion mark. This target was previously lost in April 2022 after being maintained for almost a year.
Bitcoin’s Role in Market Recovery
The recovery of the crypto sector is largely attributed to Bitcoin (BTC), the flagship decentralized finance asset. Bitcoin has surpassed the $40,000 price mark and is expected to gain further momentum as it approaches its next halving event. As Bitcoin performs well, it sets a positive tone for the overall market.
Analyzing Total Crypto Market Cap
Currently, the total crypto market cap stands at $1.59 trillion, with a 2.73% increase over the past 24 hours. However, it has experienced a decline of 1.85% over the previous seven days and a 4.22% drop on its monthly chart. If Van de Poppe’s predictions hold true, the overall crypto market cap could reach $2 trillion by October this year and continue to rise towards $3 trillion, a level close to what was achieved in November 2021 at $2.8 trillion.
Hot Take: Positive Outlook for Crypto Market
The cryptocurrency market is showing signs of recovery as it aims to surpass its previous peak of $2 trillion in market capitalization. With Bitcoin leading the way, there is optimism that the market will continue to grow. As investors regain confidence and the industry evolves, the crypto market could see further gains in the coming months. Achieving a $2 trillion market cap would be a significant milestone, demonstrating the resilience and potential of cryptocurrencies. As always, it’s important to stay informed and monitor market trends to make informed investment decisions.
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