The crypto market has been bearish for months since the collapse of Terra Luna among other issues. There are signs of a bullish market as the total market capitalization of all cryptocurrencies has retaken the $1 trillion mark.
Bitcoin experienced a price pump that brought it to the $22,500 range. On the other hand, Ethereum, one of the most popular cryptocurrencies, experienced a price surge that pushed it to the $1,500 mark.
The bullish market was evident as Bitcoin sits at around $420 billion while Ethereum is at around $180 billion. These cryptocurrencies have gained around $20 billion in the past 24 hours. The last time the crypto market reached the $1 trillion mark was on June 13.
These led to a lot of positive reactions from the crypto community especially on Twitter. Before this time, many has find it hard to believe if there’d be a bullish market again as many crypto assets approached all-time lows.
It is important to remember that the crypto market set the previous high in the market cap in 2021. During the fourth quarter of 2021, the market cap reached $3 trillion.
In April 2021, the market cap of cryptocurrencies reached the same level as Apple’s stock. However, the latter is valued at around $24 trillion, while the former is at around $1 trillion. There are however, many ways in which cryptocurrencies can potentially compete with some of the world’s most prominent companies.