Bitcoin and Ethereum Rise Strong and Cryptocurrency Market Cap Touches $1 Trillion

Posted on September 27, 2022

Bitcoin and Ethereum Rise Strong and Cryptocurrency Market Cap Touches Trillion

today, Bitcoin is down nearly 71% from its all-time high and is down 57% since the beginning of the year.also. The Fear and Greed Indexa measure some investors use to gauge market sentiment, currently stands at 20, which corresponds to “extreme fear” but that rally provides some relief.

in this way, Ethereum managed to break $1,300 in the last 24 hoursthe first significant positive move for the industry’s second-largest cryptocurrency since the network switched to a Proof-of-Stake (PoS) consensus mechanism on September 15.

After the historic “consolidation” event, ETH price dropped from over $1,700 to nearly $1,250 on September 22, and has been unable to recover above $1,350 since then.

The two largest currencies posted gains amid higher trading volumes, pushing the global market cap back above the trillion dollar mark.

Experts point out that The sudden move occurs even though stock markets continue to fallespecially Wall Street, which is why they point to the fact that the relationship between crypto assets and stock markets may end.

Where CoinbaseResearch They argue that cryptocurrencies act closely with tech stocks and the tech-oriented Nasdaq. Prior to 2020, there was no correlation between the two. For bitcoin to act as a hedge against inflation, it must have a consistent return even though the markets suffer from selling off.