The global crypto market cap jumped about 5 per cent to $2.38 trillion mark compared to the last day. However, the total crypto market volume rallied over 14 per cent to $102.59 billion.
“We saw a good recovery across the cryptocurrency spectrum after BTC reclaimed the $50,000 mark,” said Edul Patel, CEO and Co-founder of Mudrex.
The largest altcoin, Ether, too went past the $4,000 level prompting a recovery across Altcoins. Traded volumes increased in tandem with the rally, indicating a positive momentum across the crypto market, he added.
Experts said meme coins, central bank digital currency (CBDC), and non-fungible tokens (NFTs) were three major trends in 2021. This year also saw a slew of initial coin offerings or ICOs.
Silicon Valley is now awash with stories of people riding seemingly ridiculous crypto investments. Crypto may be no different from past speculative bubbles like subprime mortgages or the tulip craze of the 17th century, skeptics said.