Key Takeaways
- Crypto market hits $2 trillion in market cap
- Market rebound due to institutional adoption
- More institutions set to add crypto payments
This latest development is in sharp contrast to what was recorded around June and July, following the market dip in May. Then, the crypto market had hit a peak of $2.6 trillion in May before a significant drop in fortunes led to an extended bearish period.
Several analysts attributed the dip to the crackdown on mining operations in China, which resulted in BTC hashrate dropping significantly. However, the market trend appears to be moving positively, with more institutions jumping on board the crypto train.
Bitcoin has surged from its previous levels of $30,000 in May to as high as $48,000 in recent weeks. This movement has spurred the entire market, with Ethereum and Cardano making huge strides in their market movement, averaging double-figure profits.
Ethereum Killer Solana recently surpassed its all-time high and entered the top 10 crypto rankings based on market Cap. In addition, leading Memecoin Dogecoin has also enjoyed a good week with the coin up by 29.8% during this period, according to data from CoinMarketCap.
Despite the market rebounding, there remains skepticism from some quarters on whether a new bullish run has begun. This is because there have been several false dawns in recent months, but some analysts believe that institutional adoption will ensure an extended run.
Recently it was revealed that retail giant Walmart is looking to expand its payment operations to cryptocurrencies. This will make it join other Fortune 500 companies like Tesla and JPMorgan in adding crypto to their portfolio.
Do you think the current market sentiments will lead to a bullish run?
