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Crypto market cap back to $2tn mark as Bitcoin, Ethereum rally

By Olu Anisere 

THE global crypto market cap is back to the $2 trillion line mark again, a 3.39% increase over the last day. The total crypto market volume over the last 24 hours printed at $108.6 billion, which makes a 18.13% decrease.

Fresh rally lifted the combined value of cryptoasset after a mild drama at the beginning of the week when investors sold off holdings. The total volume in DeFi currently prints at $15.77 billion, representing 14.52% of the total crypto market 24-hour volume.

Similarly, the volume of all stable coins settled at $85.00 billion, which is 78.26% of the total crypto market 24-hour volume as Bitcoin’s price jumped to $44,551.34. As the price increased, Bitcoin’s dominance also strengthen to 42.04%, though it represent a decrease of 0.02% over the day.

Of the top ten crypto assets by market capitalisation, just three are in the red at the press time. Dogecoin USD coin and Tether slide despite the fresh rally. Ripple (XRP), Solana (SOL) Polkadot (DOT) are in the green in line with current gaining streaks by the top three crypto assets.

Bitcoin is rising as analysts await the digital asset to trade a fresh breakout. Also, Ethereum is on the rise after about 4% gain to $3,137 and Cardano has gained about 1% to $2.25. Yesterday, Bitcoin sinks below the $40k mark for the first time since mid-August, worsened by anticipation over an upcoming options expiry.

The crypto market crumbled along with many of the world’s stocks this week on tensions over Evergrande, and as the week draws on, investors are waiting anxiously for the $3.4 billion bitcoin options expiry that happens on Friday – and could ignite another period of volatility for the cryptocurrency.

Investors, market sentiment seems to be positive so far, with more interest in “call” options than “puts”.

Regulatory pressure continues to rise too – SEC head Gary Gensler on Tuesday confirmed his plans to crack down on cryptos and make them register with the agency, and over the weekend U.S. regulators expanded its investigation into Binance, the biggest crypto exchange in the world, to include insider trading.

Despite these, Software Company MicroStrategy bolsters its Bitcoin investment, adding nearly a quarter of a billion dollars worth of the digital currency to make it the largest corporate crypto investor by a mile.

Bitcoin bull Michael Saylor’s MicroStrategy has increased its holdings of the currency after paying $242.9 million in cash for another 5,050 coins. The data analytics firm is by far the biggest corporate investor in Bitcoin now with its BTC114,042 stash, and its total investment is now worth over $3.1 billion.

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