The attached overview from Coin360 shows the performance of the crypto market over the past 7 days. The total crypto market cap showed a strong recovery to a total of $2,000 billion. Bitcoin’s market dominance remained around 42%. The market dominance of number 2 Ethereum (ETH) moved towards 18.9% this week. Ethereum’s market cap rose sharply to 385 billion.
Bitcoin rebounds sharply from support level
The accompanying chart of Bitcoin, shows the strong increase of over 20% in 1 week’s time. Bitcoin has found support at the $30,000 level. It seems as if the crypto market is finally shaking off the gray drabness of recent months.
The sell-off that began in November brought the Bitcoin price to (almost) $30,000, after which a strong recovery began. In the process, the $40,000 level was broken upwards en passant.
It seems very likely that institutional investors in particular have stepped into the market. Bitcoin and Ethereum in particular attracted the cryptocurrency with an increase of over 20%. These top two coins are usually first on the radar of large parties.
Whether the rise will continue remains to be seen. Around $45,000 and $50,000 respectively, we can still expect the necessary resistance. Nevertheless, the tone has been set in a positive direction for the time being. It is now up to the other 17,000-plus coins to follow the good example of BTC and ETH.