The global crypto market has seen strong bearish momentum since the beginning of 2022. However, Bitcoin (btc) rise above $30,000 has triggered a market-wide rally for most altcoins.
According to the data Provided by CoinMarketCap (CMC), the global crypto market capitalization increased by 2.05% in the last 24 hours, reaching approximately $1.16 trillion. According to the data aggregator, the market's 24-hour trading volume increased by 21%, surpassing the $47 billion mark.
As the market recovers, Bitcoin price saw a 2% increase and is trading at $30,730 at the time of writing. BTC market dominance increased to 51.5%. This suggests that the flagship cryptocurrency, Bitcoin, could have fueled the recent rally.
Furthermore, the โfear and greedโ index has also surpassed the 55-point mark, reaching a three-month high despite the negative impact of the crisis. Israel-Hamas War.
Tony, a cryptocurrency investor and technical analyst, said on X (formerly Twitter) that the current bull run could differ from that of 2019. He claims that Bitcoin has entered a "more advanced bull run."
Coinbase Chief Legal Officer Paul Grewal believe that the US Securities and Exchange Commission (SEC) could give the green light to a BTC exchange-traded fund. The optimism comes as the SEC examines many crypto and digital asset companies, including Ripple (XRP).
Following the recent surge in BTC price, MicroStrategy's Bitcoin holdings are back in profit โ the company purchased 158,245 BTC at an average price of $29,582 per coin.
