The total market capitalization of all cryptocurrencies has once again surpassed the $1.7 trillion mark amid price recoveries from the top cryptoassets by market capitalization, and as specific tokens regain lost territory.
TradingView data shows that the cryptocurrency space’s market capitalization is again close to an all-time high near $1.8 trillion, partly thanks to bitcoin’s price recovery.
Bitcoin Climbs Back to $56,700
The price of bitcoin has been steadily moving up over the last week. After registering a low at $43,000 it seems its correction ended, and has since moved back up to near $57,000, close to its over $58,000 all-time high.
BTC’s price rise stunned some analysts as U.S. Treasury yields and the U.S. dollar are both moving up. While bitcoin was previously moving inversely to these assets, it’s now moving up as well. The cryptocurrency is moving up even as the Labor Department’s Consumer Price Index (CPI) showed consumer prices increased less than expected last month as inflation trends remain muted.
Speaking to CoinDesk Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said:
It is interesting to note that Treasury yields and the U.S. Dollar Index are both moving up but bitcoin, unlike previous times, is not moving inversely to them.
The news outlet reports there’s little evidence of a surge in trading volume that would reflect renewed intensity in the market. Bullish signs continue to develop, as on-chain data shows bitcoin held on crypto trading platforms continues to sink.
A large amount of bitcoin leaving trading platforms shows investors are looking to self-custody their funds, presumably because they plan to hold onto them for some time. It also suggests decreased selling pressure for the flagship cryptocurrency.
Crypto Whales Steadily Accumulate Ether
Data shows that cryptocurrency whales are rapidly accumulating Ethereum’s ether, the second-largest cryptocurrency by market capitalization, as the price of the cryptocurrency steadily moves up to new highs.
Data from analytics firm Santiment has shown the percentage of Ethereum’s supply owned by crypto whales with over 10,000 ETH in their addresses has been moving up since November 2020, and is now at a level that hadn’t been seen since the 2017 bull market.
The price of ETH is also moving up thanks to the non-fungible token (NFT) mania. The growing sub-sector of the crypto industry is largely built on top of the Ethereum blockchain, driving up demand for ether.
Moreover the Ethereum Improvement Proposal (EIP) 1559, which will “burn” transaction gas fees by default and allow users to include an optional tip paid to miners, has been packaged with the London hard fork, expected to be launched in July.
Polkadot’s DOT Nears Tether’s Market Cap
The price of Polkadot’s DOT token has moved up significantly over the last few months, and the cryptocurrency now has a market capitalization of $34.3 billion, with each DOT now trading slightly above $37.
Polkadot’s market cap is now close to that of Tether’s USDT. With 37 billion tokens in circulation, each pegged to the value of the U.S. dollar, Tether’s stablecoin is the fifth-largest cryptoasset by market capitalization. Polkadot would enter the “top 5” by surpassing it, gaining more visibility on data aggregators.
The cryptocurrency’s network allows for more scalability through the use of parachains, which are set to soon be launched.
These will first be tested on the Kusama network, a multi-chain network for “radical innovation” used to test Polkadot deployments.
ProBit Token Keeps Steadily Moving Up
The native cryptocurrency of the ProBit exchange, PROB, has been steadily moving up over the last few months and has established itself among the top performing exchange utility tokens. The cryptocurrency is a little-known one in the West, but ProBit is a consistently high-ranking platform in Korea.
It has facilitated over 200 rounds of initial exchange offerings (IEOs) and offers 1,000+ trading pairs to accommodate over one million monthly active users. PROB tokens, as other exchange tokens, give users numerous advantages to the up-and-coming trading platform including trading fees as low as 0.03% and access to premium features including ProBit Exclusive.
Moreover, it can be staked to give users a return of 4% per annum. The token’s price has moved from $0.07 at the beginning of last year to over $0.41 at press time, showing significant returns for investors so far.
Exchange tokens have in the past outperformed other cryptoassets in market downturns, as they are tied to businesses that keep on growing even as investors turn bearish on Bitcoin.
Featured image via Pixabay.