The crypto market has been on a rollercoaster this year, with prices fluctuating wildly and regulatory pressures causing significant drops. However, recent developments have given investors renewed confidence in the market, leading to a total crypto market cap recovery.<\/p>\n
On June 15th, the total crypto market cap hit a low point of $972 billion, following the Securities and Exchange Commission\u2019s (SEC) regulatory pressure on the industry. But since then, the market has rebounded.<\/p>\n
This recovery has been driven partly by the entrance of major financial players into the crypto space. Several applications for a Bitcoin Spot Exchange-Traded Fund (ETF) by major financial players such as Blackrock and Fidelity have been filed, indicating that they are interested in betting on cryptocurrencies.\u00a0<\/p>\n
This has helped to rebuild investor confidence in the market, leading to increased investments and a rise in the total crypto market cap.<\/p>\n
Cryptocurrency investors are closely monitoring the total crypto market cap as it attempts to break through a significant resistance level. According <\/a>to crypto analyst Rekt Capital, if the market can successfully breach this level, it could pave the way for continued upward momentum and potentially significant gains for the overall market.<\/p>\n At the time of writing, the total crypto market cap is around $1.17 trillion, with Bitcoin making up the lion\u2019s share of this value. However, the market has been trading in a relatively tight range over the past few weeks, with many investors looking for a catalyst to drive prices higher.<\/p>\n Rekt Capital believes that a breakout above the current resistance level could be just the catalyst that the market needs to see a sustained uptrend. Rekt Capital suggests that the market could see gains of between 10% and 23% over time if this breakout occurs.<\/p>\n As depicted in the chart, the immediate resistance levels for the global market cap of the cryptocurrency industry are currently at $1.18 and $1.25. The latter represents the highest level achieved in 2023.<\/p>\n However, certain conditions must be met for the market to break through these levels. Firstly, there needs to be an improvement in current market conditions, including a relaxation of crypto regulations by regulators globally, particularly in the US. Additionally, there needs to be a resolution of the ongoing Bitcoin Spot ETF applications by major financial players with the SEC.<\/p>\n If these conditions are met, it could lead to an influx of financial players and investors into cryptocurrency. Many investors are looking to cryptocurrencies as a hedge against inflation, and greater regulatory clarity and the approval of a Bitcoin ETF could make the industry more attractive to traditional investors.<\/p>\n Cryptocurrency Trading Volume Drops To 2020 Levels\u00a0<\/p>\n Crypto trading volumes have reached their lowest levels since 2020, despite the ongoing rally in June. According <\/a>to a report by crypto market data provider Kaiko, spot trade volumes have significantly declined in Q2, with Binance registering the strongest drop in trading activity.<\/p>\n Binance, one of the world\u2019s largest crypto exchanges, saw volumes fall by nearly 70% after the exchange reintroduced fees for its most liquid Bitcoin pairs. This move, aimed at reducing market manipulation, appears to have significantly impacted trading activity on the platform.<\/p>\n However, Binance was not the only exchange to see a significant decline in trading volumes. Other popular exchanges, including Coinbase, Kraken, OKX, and Huobi, also saw volumes decline by over 50% in Q2.<\/p>\n The decline in trading volumes is surprising, given the recent rally in the crypto market. Bitcoin, the largest cryptocurrency by market cap, has been bullish in June, reaching a high of over $31,000. Despite this, trading volumes have remained subdued, suggesting that investors are not as active in the market as they have been.<\/p>\n Featured image from Unsplash, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The crypto market has been on a rollercoaster this year, with prices fluctuating wildly and regulatory pressures causing significant drops. However, recent developments have given investors renewed confidence in the market, leading to a total crypto market cap recovery.<\/p>\n On June 15th, the total crypto market cap hit a low point of $972 billion, following the Securities and Exchange Commission\u2019s (SEC) regulatory pressure on the industry. But since then, the market has rebounded.<\/p>\n This recovery has been driven partly by the entrance of major financial players into the crypto space. Several applications for a Bitcoin Spot Exchange-Traded Fund (ETF) by major financial players such as Blackrock and Fidelity have been filed, indicating that they are interested in betting on cryptocurrencies.\u00a0<\/p>\n This has helped to rebuild investor confidence in the market, leading to increased investments and a rise in the total crypto market cap.<\/p>\nCrypto Market Cap\u2019s Moment Of Truth<\/h2>\n