High buying pressure from the two leading Crypto assets by market value has pushed the crypto market valuation near $2 trillion.
The flagship Crypto, Bitcoin, which was significantly responsible for this feat, has posted gains of more than 16% in the last 7 days, while Ethereum hit the $2,000 mark. At the time of writing this article:
- The global crypto market cap stood at $1.93 trillion, a 2.22% increase over the previous day.
- The total crypto market volume over the last 24 hours was $167.59 billion, which makes a 0.55% decrease.
- The world’s most popular crypto traded at $60,253.05.
- Bitcoin’s dominance was 58.21%, a decrease of 0.33% over the day.
Crypto pundits have cited that the heightened interest in these cryptos is emanating from a growing interest from institutional investors as seen from trend-following hedge funds, and lately, the powerful banks; coupled with credible reports hinting that Coinbase, the world’s most valuable online crypto trading platform, has gotten approval for its direct listing at the Nasdaq.
Experts also buttress on market indicators revealing that 78% of Bitcoin’s circulating supply is illiquid meaning that it is harder for a growing number of retail investors to have access to the prized Crypto at a fair value.
Adding credence to this bias, includes data from Glassnode revealing Bitcon’s number of Exchange Deposits (7d MA) just reached a 1-month low of 2,845.357, meaning there are fewer sellers of the world’s most popular crypto asset.
Previous 1-month low of 2,847.935 was observed on 26th March 2021.
In addition, Crypto assets have enjoyed exponential gains, as global financial markets become awash with record stimulus deals, triggered by global central banks using such dovish strategies in supporting the fragile global economy.
The incredible feats seen lately shows that the ever-changing financial market is enjoying strong buying pressures on the bias that global investors are keen on hedging against inflation-prone assets like currencies.