The cryptocurrency market has been positive for the past few days and as a reflection, the total market cap crossed $400 billion twice today. This directly displays the amount of profit the market has accounted within a month. The last time the cap crossed $400 billion was in early March implying a gain of more than $100 billion this month.
Volatility is always associated with cryptocurrencies and the market has had its share of dips and gains in a short span this month. When the majority of the coins had declined, contributing to the market cap reduction, it hit the bottoms at $248 billion at the end of March and continued declining till the beginning of April. The recovery has been humongous in terms of the overall capitalization which was because of the contribution of the coins prices shooting up over the past few days. The downtrend has been halted and a trend reversal is witnessed currently.
Total Market Capitalization
The major contributors for the huge profit are Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC], Stellar Lumens [XLM], EOS [EOS], Ripple [XRP], Tron [TRX] accounting for more than 80% of the gain in the past week. Some huge investors had guessed after an analysis session that the coins were done with the negatives, hitting the lowest prices. This will give good results for cryptocurrency investors for the next two quarters of this year.
A lot of popular names in the industry have been giving their opinions by commenting, predicting and giving out statements regarding the prices and bets on various coins in the market.
Asif Younus, a day trader says:
“It is so good to see the green market. Perfect time to invest though it might crash again soon. With all the coins competing so healthily, its hard to guess who the winner will be. An excellent opportunity for everybody right now. Don’t miss it.”
Marc Rooney, a Twitterati says:
“Double Bottoms done, new cycle starting!! Great news, Wohoooooo!! I might wanna invest in everything possible right now or am I getting excited unnecessarily? IDC the scenario right now is relaxed and we are all loving it.”
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