The total crypto market regained its $1 trillion capitalization as Bitcoin breached the $22,000 crucial mark. This came about after months of macroeconomic uncertainty and crypto market downtrend.
At the time of writing this article, Bitcoin was trading at $22,108 after having gained nearly 4.33% in the last 24 hours. Ethereum is up by 9.37% in the last 24 hours and changing hands at $1,526. In the last seven days, the popular BTC gained 10.79% while Ether gained nearly 40%. The crypto market had last crossed the $1 trillion threshold on June 13. But it had then slumped.
Now it remains to be seen, whether the crypto market will manage to hold on and continue upward or will it slump once again, dashing hopes for a bull run. But there are no definite signs of a rebound as low volatility and volume over the weekend did not inspire any confidence among the bulls. The crypto market remains choppy and a large price gain remains out of sight. Analysis shows there is demand at the $19,000 mark, but a slight rebound has the Bitcoin price trying to get a foothold at the $22,000 resistance. If the price breaks to the higher side, the bullish cycle will resume on the upper end taking the price towards the crucial $22,500. But it has to breach the resistance at $22,240 where bears will note any major buying activity.
Analysts believe that a significant bull run depends on macro factors, volume, volatility, and regulatory issues in various countries. Hassan Bassiri, VP, of portfolio management for Arca, is bullish in the near term of like a week or two. He says one has to be cautious because macroeconomic headwinds remain. Bassiri highlighted that there is no new capital flowing into the crypto space and it’s just trading against each other. He believes these are interesting times in the market as crypto is starting to decouple on a short-term basis. The challenge is accompanied by competence.