According to Coinmarketcap and Coingecko the total cryptocurrency market capitalization is now back at around $2 trillion – Bitcoin’s January 2022 crash previously caused it to lose this important psychological level.
If crypto markets can once again find acceptance above $2 trillion, they may rally further to retest the all-time highest market cap of $3 trillion in November 2021, reached when Bitcoin established its current ATH of $69,000 that month.
Earlier today, Bitcoin shot up to a daily high of over $43,300 in Binance. Closing the weekly candle above $41,000 last week appears to have allowed the bulls to regain control.
The current price of Bitcoin is $42,500, up 4% in the last 24 hours.
Stock and crypto markets higher on the week
business view reports that the total crypto market capitalization is up 3.33% today, and the defi coins market capitalization up to 1%.
The S&P 500 is back above 4500, higher than it was when Russia invaded Ukraine, up nearly 1% on the day after a huge gain of over 6% last week, the largest weekly green candles of 2022 until now.
That follows the news of the last FOMC meeting that the Fed will raise interest rates by six basis points.
Bitcoin and the crypto markets continue to be correlated with stocks, rising or falling shortly after the SPX. Ethereal it has also reclaimed the $3000 level, and the popular cryptocurrency ApeCoin is up 12% today.
It remains to be seen whether Bitcoin will be able to break above the $45,000 resistance level, where it was previously rejected earlier this month and in February.
