Coinmarketcap, Coingecko show that the total cryptocurrency market capitalization has recovered to around $2 trillion. The Bitcoin crash in January 2022 had previously led to it losing this psychological level.
If crypto markets are able to once again gain acceptance over $2 trillion, they could rally further to test the record market cap of $3 Trillion in November 2021. This was reached when Bitcoin established its current ATH at $69,000.
Bitcoin hit a new high today, hitting a record breaking $43,300 on Binance. The bulls appear to have regained control by closing the weekly candle at $41,000 last week.
Bitcoin’s current price is $42,500. This is a 4% increase in 24 hours.
Stock and Crypto Markets are up this week
Tradingview reports today’s total crypto market cap at 3.33%, with the DeFi currencies market capitalization at 1%.
After a huge gain of more than 6% last week, which was the largest weekly green candle of 2022, the S&P 500 is now above 4500.
This follows news from the FOMC meeting, which indicated that the Fed would raise interest rates six basis points.
The crypto markets and bitcoin continue to be closely correlated with stocks. They rise or fall shortly after the SPX. Ethereum also reached the $3000 mark, and the popular crypto ApeCoin has risen 12%.
It remains to see if Bitcoin can break above the $45,000 resistance level. This resistance level was rejected earlier in the month and again in February.