What happened?
The cryptocurrency market saw a positive day, with overall market capitalization increasing by 1.4% to reach $4.06 trillion. This market growth saw 90 of the top 100 coins showing gains in the past 24 hours. Green trends were led by Bitcoin (BTC) and Ethereum (ETH) which were valued at $114,132 and $4,435 respectively.
Who does this affect?
This crypto market rebound positively impacts investors, particularly those involved with the majority of the top 100 coins that increased in value. On a larger scale, the movement buoyed the total crypto trading volume to $164 billion. Also, it could potentially influence institutional decision making, particularly as the US Bureau of Labor Statistics is set to release key inflation data.
Why does this matter?
This positive market trend matters as it demonstrates resilience and potential for growth within the volatile crypto realm. Despite some predicting BTC could drop below $90,000, the recent market surge underscores that price fluctuation is commonplace. Insights suggest this volatility could be a healthy correction after significant gains rather than a crisis. This activity may encourage new entrants and reassure current investors.