The cryptocurrency market saw significant growth yesterday. The price of Bitcoin surpassed $20,000, while Ethereum rose above $1,500 for the first time since the drop following the transition to proof-of-stake. The total crypto market has exceeded one trillion dollars.
While Bitcoin rose by 5% yesterday, Ethereum significantly outperformed it. The second-largest cryptocurrency increased by 12% in the last 24 hours.
Other significant altcoins also rose yesterday, including Solana, which increased by 12% to nearly $32. Cardano rose by 14% to $0.41, and Polkadot by nearly 11% to $6.50.
Overall, the total cryptocurrency market now has a capitalization of $1.03 trillion, according to CoinGecko, marking a growth of over 6% in a 24-hour period. This is the first time the market has reached the trillion-dollar mark since October 4.
What caused yesterday’s rise? Analysts point to macroeconomic trends and the stock market, which is also on the rise as a number of large companies report earnings. OANDA’s senior market analyst, Edward Moya, also hopes that the U.S. central bank will soon temper its aggressive interest rate hike plan.
– Both Bitcoin and Ethereum are gaining momentum as Wall Street rises. The economy shows further signs of weakening, which helps investors strengthen their belief that the Fed will be in a better position to slow the pace of tightening after next week’s FOMC meeting, Moya stated.
