Total crypto market cap reaches 10-month-high amid bull run
The digital currency industry lost almost $100 billion from its total market capitalization in mid-March. Reportedly, some crypto firms were highly exposed to some high-profile US banks collapse.
However, the market started to show bullish signs in just a few days, according to data provided by CoinMarketCap (CMC). Consequently, the total crypto market cap surpassed the $1.2 trillion mark for the first time in 10 months — last witnessed in June 2022.
According to CMC data, the crypto market capitalization plunged to as low as $780 billion in November last year. The Bahamas-based cryptocurrency exchange, FTX, collapsed, causing a market-wide FUD among investors.
With the recent bull run, most of the top digital currencies — bitcoin (BTC), ethereum (ETH) and BNB, to name a few — have risen from the ashes.
For instance, ETH reached a key milestone as the market hit a bull run. It surpassed the $1,900 mark for the first time in eight months while still waiting for its much anticipated Shanghai upgrade, also known as the Shapella upgrade.
Cardano (ADA), on the other hand, took advantage of its latest integrations to start a bull run. ADA is trading close to the $0.40 mark as Paima Studios paved the way for the blockchain to enter the decentralized gaming universe.