Crypto Market Cap Reaches $1 Trillion Again As Bitcoin Passes $20k• January 15, 2023 6:31 pm • Comments
The recent bull rally that is happening with Bitcoin and the rest of the crypto markets has once again caused the total market cap of the industry to reach $1 trillion.
This coincides with the price of Bitcoin once again passing $20k which is the first time that it has happened in the past few months.
As for the market cap, it has been the highest that it has ever been in over two months but is still quite far away from the all-time high that it had in the past.
The reasons for the recent recovery have often been debated with some investors predicting that there will be another leg down where Bitcoin will reach even lower lows.
More optimistic speculators are calling that BTC had already reached its bottom and will only go higher from here.
Nevertheless, it is quite impressive that the recovery has happened given the fact that the Federal Reserve had indicated earlier that it intends to at least maintain high rates for the year of 2023.
This is just too accurate now. Cramer posted this on Jan 9, the day before Bitcoin went from 16k to 20k.
Please continue to FUD crypto! 🙏 https://t.co/pDkk1BnfAr
— CZ 🔶 Binance (@cz_binance) January 14, 2023
While the macroeconomic conditions might have improved, the situation for cryptocurrency companies seems gloomy. New York-based Metropolitan Commercial Bank (MCB) announced on Jan. 9 that it would close its crypto-assets vertical, citing changes in the regulatory landscape and recent setbacks in the industry. Crypto-related clients accounted for 6% of the bank’s total deposits.
On Jan. 12, the U.S. Securities and Exchange Commission (SEC) charged cryptocurrency lending firm Genesis Global Capital and crypto exchange Gemini with offering unregistered securities through Gemini’s Earn program.
A final blow came on Jan. 13 after Crypto.com announced a new wave of staff layoffs on Jan. 13, reducing the global workforce by 20%.
Other crypto exchanges that recently announced job cuts in the last month include Kraken, Coinbase and Huobi.
Another important milestone to note within the crypto industry is that Bitcoin’s own market cap has also surpassed the market caps of both Meta and Mastercard combined.
This may be an indicator of the growing influence of digital assets and the competition that it brings to the traditional financial system.
Ultimately, the existing companies will need to adapt and evolve if it wants to participate in the growth of the crypto industry.
Time has already shown that competing against this new space is impossible as it has seemingly survived the worst of years in 2022 and is already recovering at the start of 2023.
The total crypto market cap has again crossed $1 trillion. 📈
— Altcoin Daily (@AltcoinDailyio) January 14, 2023
That sentiment on BTC has now equated to its overall market value, as Bitcoin has officially surpassed both Meta Platforms Inc. and Mastercard, in market capitalization.
Market cap is the value of any company that is traded on the stock market, and Bitcoin surpassing the tech giant of the Zuckerberg tree, and the banking behemoth, speaks to its place in the markets perspectives.
Currently, Bitcoin has a market cap of $370 billion, with Meta and Mastercard boasting a market cap of $357.69 billion and $363.03 billion respectively.
The development of yesterday’s US CPI report has undoubtedly impacted those, as the decrease in the inflation rate has certainly had a positive effect on the crypto sphere thus far. Only time will tell, however, where the market moves from here.
#Bitcoin blew past $20k with a nearly +10% day 🤑 pic.twitter.com/uYHp6Y6iy6
— CryptoCurrency News (@CryptoBoomNews) January 14, 2023
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