After a difficult first half of the year marked by a large sell-off, the cryptocurrency market is seeing modest increases, led by Bitcoin. The gains are accentuated by a rise in the market’s capital inflow.
According to CoinMarketCap statistics, the total worldwide cryptocurrency market capitalization was $906 billion on June 17, and $977 billion on July 17, representing a 7.83 percent increase.
Despite big cryptocurrency firms adjusting their operations, such as filing for bankruptcy, as a result of the broader market meltdown, profits have surfaced.
After banning client withdrawals, crypto-lending platform Celsius is among the notable firms that have filed for bankruptcy protection. Three Arrows Capital, a cryptocurrency hedge fund, and Voyager Digital have also filed for bankruptcy.
Even while the market is experiencing short-term gains, the present situation pales in comparison to last year’s advances, which saw Bitcoin reach an all-time high of about $68,000 and the whole crypto market capitalization reach over $3 trillion.
Bitcoin continues to advance by over $20,000
In the last thirty days, Bitcoin has struggled to maintain advances above the important $20,000 mark, at one time falling below it. As of press time, the leading cryptocurrency has seen modest increases of around 1.5 percent, trading at $21,400.
However, investors are keeping an eye out for a possibly prolonged surge as Bitcoin stabilises over $20,000 Notably, $30,000 remains a significant psychological threshold. September’s price might possibly reach $30,000 based on the present market circumstances.
The increases in the cryptocurrency market might be seen as positive optimism given the current high inflationary environment. In June, U.S. inflation reached a record 9.1 percent, and the cryptocurrency market immediately responded by losing over $15 billion in minutes.