The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. The total crypto market cap currently stands at $830 billion and now numbers more than 21,844 coins.
Bitcoin’s market dominance has remained stable at 37.5%. Bitcoin’s market cap currently stands at $319 billion. Ethereum’s (ETH) market dominance remained stable at 17.6%, while the No. 2 coin’s market cap now stands at $146.4 billion.
Cryptomarket rebounds from 2022 low
The crypto market shook its foundations once again last 7 days after experiencing the Luna Terra debacle earlier this year and, most recently, the FTX fraud. Recently Genesis was added, after which the crypto market hit a new low this year of $727.5 billion. Currently, the total crypto market is quoting around a market capitalization of $788 billion which is as high as a week ago.
Digital Currency Group (DCG) made negative headlines last week due to growing uncertainty about the financial situation of subsidiary Genesis. Barry Silbert, founder of Genesis’ parent, rushed to issue a press release to defuse the uncertainties following the implosion of crypto exchange FTX and Genesis’ problems.
Silbert founded DCG seven years ago and currently has subsidiaries Genesis, Grayscale Investments and crypto mining company Foundry. Despite challenges in the crypto market, he stated that DCG is on track to generate $800 million in revenue this year.
Reassuringly, Silbert additionally reported that DCG has experienced and ultimately survived previous crypto winters. The current challenges in the crypto markets are certainly great, but he is confident of coming out of them collectively stronger.