Today has been a healthy day for the crypto markets as the predicted recovery has started today with almost every altcoin in the top 100 seeing some level of significant gains. Bitcoin is currently above $53k again and the next few days will be fascinating to observe. If we can go beyond $57k again and stay there this will be a very bullish sign for crypto but it is also possible of course that we can go back down to the $50k mark again or worse making these next few days quite crucial.
At the time of writing, XRP and ADA are the winners of the day with each coin being up approximately 13% for the day. At one point ADA was making a recovery independently from the rest of the market with its price reaching $1.25 after some positive news yesterday confirmed that Cardano should be fully decentralized in the coming months. However the rest of the market has since caught up with it and if you were to head over to coinmarketcap.com it looks a lot more pretty than it did the other day.
Crypto Market Cap Is 1.7 Trillion
For those who don’t know the coin market cap is representative of the amount of money invested in a stock or in this case a cryptocurrency. Bitcoin at the time of writing is a trillion-dollar asset while the market in total is worth 1.7 trillion dollars.
The question is what will the total worth of crypto be at during the peak of this bull run? Firstly it should be noted that Bitcoin makes up about 65% of the total market cap which makes many believe that Altcoins are the best investment if you want to see larger gains.
Just by using data from previous bull runs many are predicting that it is very possible to reach a market cap of 20 trillion. This would represent a 12 times gain from here which just goes to show that if you believe you have missed the boat you certainly haven’t.
Of course just because a pattern has occurred three times before doesn’t mean it will happen again but when you factor in all the positive news crypto has received in the last few months then it is not unreasonable to believe that we are on the verge of another impressive price surge.