Global cryptocurrency market capitalization reached $2 trillion on March 22.
Last time we so such numbers was on March 3.
It can be a sign that the crypto winter is going away. At least the main tokens have finally risen above the average last 3-months prices.
As the price of Bitcoin rose above $43 000 on March 22, the global crypto market cap climbed to $2.018 trillion.
Further growth of BTC will automatically mean the increase in cryptocurrency market capitalization. It’s easy to predict this because the Bitcoin alone makes up almost half of the global market cap.
As for now, BTC capitalization is around $807.7 billion.
The last minimum of the global market cap has been reached on February 24, when it fell under $1.5 trillion. Yes, that was the day Russia invaded Ukraine.
Four weeks later the market finally shows a slight uprising.
How did other coins react to market capitalization growth?
The second crypto by market capitalization, Ethereum also strengthened its position and showed a 16.5% week-to-week rise. Now you can buy ETH for $3000.
Avalanche, Cardano, Solana, and Ripple showed a good dynamic in the top 10 cryptos, adding value from 1% to 7% for the last 24 hours.
But the last weeks’ gainer LUNA became the looser now: coin price dropped more than 2% despite the market trend.
Digital dollars USDC and Tether show the rise in volume for the last 24 hours. Which could mean bigger user activity and growing interest in buying these coins.
The Bitcoin market has now been in a drawdown from its November high of more than $69 000 for more than 130 days. This led to prices being consolidated inside the present trading range for over two months.
What is with Crypto Fear & Greed Index?
Sometimes the best indicator for the crypto market Fear & Greed Index, which was pretty low since the last week.
On the March 22, the index has 26 points, which still means fear zone.
This is the sign that investors are still too worried, but that also could be a buying opportunity.
Take into account that any significant changes on the geopolitical or regulatory sides can hardly affect the market. And now there is a debate about crypto usage for the sanctions avoiding in Russia.
Nevertheless, Ukraine recently legalized digital assets despite the ongoing war. That made the crypto exchanges and token transactions official and secured by the law.
Sources: Decrypt, Coinmarketcap, Crypto Fear&Greed Index
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