Total Crypto Market Cap Reclaims $1T, Bitcoin Price Tops $22K After Celsius Clears its Entire Debt
- JPMorgan analysts including Nikolaos Panigirtzoglou have said the crypto recovery might be on its way soon.
The total crypto market cap has gained approximately 4.7 percent in the past 24 hours to top $1 trillion. Bitcoin price has led the mild recovery by gaining approximately 7.2 percent in the past 24 hours. Trading at $43,560.27, the largest digital asset is up 11.1 percent in the last seven days.
Ethereum, the second-largest digital asset, is up 6.4 percent in the past 24 hours to trade around $2,268.67. A convincing recovery from the past few weeks’ dip.
Crypto Market Outlook
The crypto market has in the past few months recorded major losses. Remember over $2 trillion has been liquidated in one year. Nevertheless, the industry is growing and cash inflow is expected to rise, especially from institutional investors.
The recent mini-crypto pump is likely to have been triggered by news that Celsius is free from liquidation. The lending company was among other crypto firms struggling with liquidity issues from the market crash.
Nevertheless, the company has not officially reopened all of its services as of publication time.
“Some of Celsius’ products and services are presently unavailable and, therefore, some content on this page may not be up to date at this time,” the company’s website reads.
JPMorgan analysts including Nikolaos Panigirtzoglou have said the crypto recovery might be on its way soon.
According to Panigirtzoglou and his team, the crypto winter was imminent due to companies that had utilized higher than normal leverage. Some of the noted companies include Three Arrows Capital which faces liquidation cases in different jurisdictions.
Meanwhile, the crypto market continues to be largely affected by macroeconomic factors. Among them is t ongoing global crypto regulations. Additionally, two countries, El Salvador and the Central African Republic have adopted Bitcoin as legal tender.
The ongoing Russia-Ukraine war has also affected the crypto market. Remember the west has been accusing Russian oligarchs of using crypto assets to evade the laid-out sanctions.
Historically, the crypto market has boomed after every four years, characterized by the Bitcoin halving. Analysts are now predicting the crypto market will bloom again after 2024 when the next Btc halving is expected.
Meanwhile, the crypto market continues to follow the stock market that has seen over $5 trillion wiped out in the past year.