Over $400 billion is added to the crypto market value in less than 30 days
While the world economy is experiencing difficulties as a result of geopolitical tensions, the cryptocurrency market is making significant achievements, most notably in terms of capitalization, which has climbed by over $400 billion in only 30 days.
At press time, the overall cryptocurrency market cap remained at $2.13 trillion, up 23.29 percent or around $403 billion from a month ago when it was $1.73 trillion, according to CoinMarketCap data Finbold received on March 28.
The worldwide cryptocurrency market value climbed by 5.86 percent in the previous 24 hours, jumping from $2.01 trillion to $2.13 trillion. Additionally, the entire crypto market volume over the last 24 hours has increased by 77.22 percent to $112.03 billion.
The rise in the market’s value may be attributed in part to the recent enormous rebound of major cryptocurrencies, particularly Bitcoin (BTC), which is bullishly trading over the $47,000 level ($47,210 at press time).
This is a 19.88 percent gain in price during the previous 30 days, when it was $39,980. The greatest cryptocurrency by market capitalization is currently worth $898.56 billion, confirming some experts‘ assertions that the flagship digital asset might operate as a safe haven during periods of international unrest.
Meanwhile, Ethereum (ETH) has made significant gains over the last month, rising from $2,772 to $3,345, a gain of 20.67 percent in less than 30 days. Its price has gained 6.40 percent in the last 24 hours.
Ethereum’s market value was $402.61 billion at the time of writing, making it the second-largest cryptocurrency by this metric.
Meanwhile, Finbold claimed that signals of recession are spreading across the European Union (EU) and the United States, fueling worries of a sell-off and rising inflation. Meanwhile, interest in cryptocurrencies as a possible hedge against such risks has increased.