Crypto recaptures $1 trillion market cap: BTC hits $22K, ETH ‘giga mooning’

Goodbye Monday blues! It’s time to be bullish. The total crypto market capitalization has reached $1 trillion. The crypto market capitalization is now nearly as valuable as all of the silver on Earth.

The price pump for Bitcoin (BTC), which brought the world’s decentralized cryptocurrency to the $22,500 mark, and Ethereum (ETH) saw a double-digit “giga pumps” to reach the $1,500 mark. They have combined their efforts to bring about a 4.8% pump for the entire crypto market, pushing it up to $1.02 trillion.

The crypto market cap has risen to over 1 trillion dollars! Is it too soon to get bullish on crypto?
— July 18, 2022, Cointelegraph (@Cointelegraph).

Bitcoin has reclaimed $420 billion market capital, while Ethereum sits at $180 billion. Ethereum gained more than $20 billion over the last 24 hours. The graph below shows that the crypto market reached $1 trillion for the first time on June 13.

Total crypto market cap for the past 3 months according to coinmarketcap.com/charts

Reminder on market capitalizations: In the case of Bitcoin, and most other mined cryptocurrency, the “marketcap” refers the total value all coins mined. It’s easy to calculate Bitcoin’s market capitalization: Divide the total Bitcoin mined (a little more than 19,096,775) by current Bitcoin price, approximately $22,000.

Crypto advocates on Twitter were happy to hear that the trillion-dollar mark had been reached. While they were quick to celebrate this historic milestone, others, like DonAlt, questioned whether the new price levels might indicate a bullish turn.

Now that BTC has risen and ETH is mooning, what price level would you expect a bull market to confirm for you guys?
— DonAlt (@CryptoDonAlt), July 18, 2022

The market is desperate to soak up bullish news after months of fear and greed.

Extreme fear still resides in fear, fear and greed. Source: alternative.me

However, before you reach for the champagne, think about the historic crypto market cap record. It reached $3 trillion in the fourth quarter of 2021, which means $2 trillion was lost.

Related: Bitcoin hodling activity looks like previous market bottoms: Glassnode

In April 2021, the crypto market cap was equal to Apple stock. It then surpassed $3 trillion. However, Apple’s current value is $2.4 trillion and crypto’s is $1 trillion. There are many ways you can go for crypto in order to compete with one of the largest and most well-known companies on the planet.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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