The total cryptocurrency market capitalization has regained the $2 trillion level for the first time since 2022, as the price of Bitcoin surpasses $58,000.
A rally in Bitcoin price took the world's largest cryptocurrency market cap to a current multi-year high of $59,397, while Ethereum enjoyed a 7% rise to settle at $3,327 at the time of writing.
The gravitational pull of Bitcoin and Ethereum on the market has seen dozens, if not hundreds, of cryptocurrencies report double-digit percentage returns in recent days.
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Other major altcoins have also peaked, with Solana's SOL gaining 9% in the last 24 hours to reach $110. XRP $0.59, Cardano ADA Avalanche's $0.64 AVAX and $39.86 AVAX rose 5.3%, 7%, and 6.5%, respectively, over the same period. Tenth-ranked Dogecoin DOGE also enjoyed double-digit gains, rising 15% to $0.09779.
Their combined efforts have culminated in a 7.7% rally in the value of the global crypto market, raising it to a 22-month high of $2.14 trillion, according to data from CoinMarketCap. At the current crypto capitalization, the market is now a few billion dollars larger than Amazon and larger than Google parent Alphabet.
The recent rally comes amid a flurry of market activity and growing optimism, driven by several factors shaping the crypto landscape. Notably, Bitcoin's rise to a $2 trillion market cap follows the debut of ETF approvals, signaling a turning point in the cryptocurrency market, which has notably instilled renewed confidence among investors. investors and enthusiasts alike.
The rising market is enjoying the bullish market sentiment, with Bitcoin bull market predictions by cryptocurrency enthusiasts. Cryptocurrency industry executives have announced the start of a new bull run with a growing number of voices calling for new all-time highs for Bitcoin in 2024 above $100,000. The digital currency's last all-time high of nearly $69,000 was reached in November 2021.
Since then, the crypto industry has been hit by a litany of problems, from coin and project collapses to bankruptcies and criminal trials. FTX, once one of the world's largest exchanges, has collapsed and its founder Sam Bankman-Fried faces more than 100 years in prison after being found guilty of seven counts of criminal fraud.
Now that those issues are behind us, investors are focusing on what the industry sees as positive developments. There have already been some bold calls for Bitcoin in 2024. It started with Standard Chartered, which reiterated in the April price call that Bitcoin would reach $100,000 by the end of 2024. The bank said this will be driven by approvals of numerous ETFs.
Additionally, Matrixport, which bills itself as a crypto financial services company, projected that bitcoin would reach $63,140 in April 2024 and $125,000 by the end of next year.
