The cryptocurrency market is presently in the green after recovering more than $130 billion in the last week.
Interestingly, the increase in the value of the crypto market capitalization comes at a time when there are fears that the industry is in the midst of a cryptocurrency winter.
Despite this, the total value of the global cryptocurrency market cap increased by more than 3.3% over the past day.
Furthermore, over the past week, it climbed from $832 billion on June 18 to $965 billion on June 25, representing a $133 billion increase and an overall rise of 15.99%, according to CoinMarketCap data.
Bitcoin price reversal
The value of the flagship cryptocurrency leads the global crypto market in terms of inflow. Currently, Bitcoin (BTC), the digital asset with the highest market capitalization is trading at $21,392, up 2.29% in the last 24 hours and 10.27% in the previous week.
Notably, Bitcoin in the last week went from as low as $338 billion to a market cap of $408 billion. Despite the tenacity shown this week in terms of maintaining a position above such a significant level at $20,000, this weekend might be another trying phase for the cryptocurrency.
The support continues to show signs of distress below, and a break there might put investors’ faith in the sector to the test.
In spite of the ongoing shakeout in the cryptocurrency market, experts were keeping a close watch on key market indicators for signals that prices may have reached a bottom.
Ethereum climbs above $1,200 as altcoins see green
Elsewhere the second-largest asset by market cap, Ethereum has climbed back above the crucial $1,200 level to trade at $1,223, up 6.05% on the day and 21.36% in the last week, with a total market worth of $148 billion.
Other leading altcoins such as Cardano (ADA), Solana (SOL), and Shiba Inu (SHIB) are all trading in the green at the time of publication.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.