The cryptocurrency market is not in its best shape now. It has been slumping in a prolonged bear market since the beginning of the year. The current crypto bear market has witnessed some of the greatest downfalls in the crypto realm.
Some of the worst incidents in the market happened in May when the Terra ecosystem collapsed, wiping off billions in investments. Terra dropped to zero in a span of a few days. This had a rippling effect on several firms and investors that had invested in Terra. As a result, several crypto firms either closed down or filed for bankruptcy.
The global cryptocurrency market cap has reclaimed $1 trillion as per the latest details from Coingecko. Are these signs of recovery? Let us find out.
Global crypto market cap hits $1 trillion
The rise is a visible 3.6% spike in the last 24 hours. As per Coingecko data, the global crypto market cap stands at $1,000,325,561,069 at the time of writing. The 24 hours trading volume stands at $57,625,648,880. Out of the total market cap, BTC dominance is 38.5% and ETH dominance is 16.3%.
The prices of major cryptos are not at their best currently. Most of the top coins are down at least 60-80% down from their all-time highs. BTC is currently trading at $20,082 and ETH stands at $1,347. BTC and ETH gain 3.34% and 1.88% in the last 24 hours respectively.
Even though the global crypto market cap regains the $1 trillion throne, it can’t be taken as proof of the possible closure of the bear market. The crypto market has a long way to go before we can actually enter the bull market. But the crypto bear market is a part of the market cycle. Those who ride the wave eventually end up in a better position than those who sell early.