Crypto Market Returns Above $1 Trillion As BTC, ETH Rebound

The crypto market returns above $1 trillion as both BTC and ETH rebounded and are leading the charge so let’s read more today in our latest cryptocurrency news.

After weeks of investor frustration, BTC surged to a new high of $22,430 on Monday and brought some minor relief to what was a strong crash in prices. Although the leading cryptocurrency cooled off, it is still up 3.6% in the past and 9% in the past week. Bitcoin’s latest price action came amid soaring trading volumes that surged by 15% in the past day and surpassed $31.6 billion.

Ethereum which is expected to emerge from the current PoW blockchain to an energy-efficient PoS, outpaced BTC with a 7.7% surge. After hitting a new high of $1,486, ETH backtracked to $1475 which is a level not seen since June. Ethereum is eyeing the next psychological level of $1500 and made an impressive 28% over the past week. As both ETH and BTC posted gains, the rest of the market is in the green today with the market cap of all cryptocurrencies jumping back to $1 trillion.

The crypto market returns above $1 trillion and some of the most notable gainers include MATIC, and Ethereum Classic which both increased by 16%, AVAX made a 9% jump and DOT increased by 4.5%.

The cumulative market cap of all assets added another $100 billion in the past two days and the metric surged above $1 trillion for the first time in weeks. The main cryptocurrency dumped hard a few days ago after the latest US CPI numbers and the extreme volatility pushed the asset below $19,000. However, the landscape is changing as BTC reacted well to the drop and started reclaiming value rather fast. It surpassed the $20,000 level and eyes the $21,000 support zone. The past 24 hours turned out to be bullish as the biggest crypto by market cap added another $1500 to its value and soared to $22,500 where it is currently located and marking the highest price level in over a month.

As recently reported, Along with the market crash, Defi protocols saw bigger declines in trading volumes, prices, and much more. The first half of 2022 was quite rough for the crypto investors and the market was still bleeding so investors were gathering the losses as the DeFi market crap crashed by 75% during the second quarter of the year. The crypto data from CoinGecko shows that the DeFi sector went off the edge beucase of Terra’s collapse