The crypto market appears to be resuming its upward trend, as 24-hour trade volumes surpassed $100 billion. The market capitalization and asset prices both climbed significantly, with the former temporarily reaching $2.02 trillion.
The cryptocurrency market appears to be on the verge of a surge upwards, as multiple indicators indicate to increased demand. Bitcoin’s price has been gradually rising since breaking above the $40,000 barrier, and is now at $42,000. The whole market capitalization has increased by 3.3 percent, and is now just under $2 trillion, up from $2.02 trillion just a day ago.
But, more critically, trading volume has increased, with $105 billion traded the prior day, a huge increase over the preceding few weeks. With 40.3 percent of the market, Bitcoin is the market leader, followed by Ethereum with 17.9 percent.
The crypto market has had a nice week, with various projects and coins witnessing price increases and improved sentiment. As favorable news spread, ETH temporarily crossed the $3,000 market. The news that the Merge had successfully taken place on the Kiln testnet has boosted ETH by approximately 15% in the last week.
The Avalanche token, AVAX, has been one of the market’s greatest gainers in the last week. AVAX has gained 27.7% and is now trading at $88.05. It’s evident that the gains aren’t restricted to BTC and ETH, but also include a variety of altcoins.
It’s unclear whether this will convert into a bull run for the market, which has been stuck in a rut for several months. There is considerable optimism for great growth this year, based on the growing acceptance of cryptocurrency around the world.
Is the crypto market on the verge of a bull run in 2022?
The crypto market had a spectacular year at the end of 2021, resulting in a massive gain in market value. The weeks that followed, however, were not as pleasant. Bitcoin has fallen to mid-$30,000 levels, and investors were expecting for another bull run.
Recent data suggests that the transformation they desire may be possible. There appears to be a slew of broad technical developments and regulations in the works, all of which could entice more investors.
For the first time in 17 weeks, several signals indicate that bitcoin has shifted from bearish to bullish. Analysts have set a target of $61,000, but in crypto, anything goes, so investors will be content with any upward rise.