Crypto Market Breaks $2 Trillion Again. What Next?
The total amount invested in cryptocurrency broke above $2 trillion this week, according to data from CoinGecko. It’s the first time since early March that the market has passed this price barrier. At time of writing, crypto’s total market cap sat at $2.12 trillion, up about 3% in the past 24 hours. Cryptocurrency prices have struggled this year as economic and geopolitical factors push people away from riskier investments. However, in the past week, prices have trended upward: Bitcoin (BTC) and Ethereum (ETH) gained about 9% and 12% respectively. Cardano posted more than 30% growth in the same period. According to the Crypto Fear and Greed Index, cryptocurrency today moved into “neutral” territory. This time last month — and indeed, this time last week — the crypto mood was “extreme fear.” The index uses various factors, including overall momentum, social media, and volatility levels, to analyze market sentiment. Sentiment is a key driver of cryptocurrency prices. Cryptocurrency is a relatively new and unregulated market in its very early stages.
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