Crypto market cap adds $50 billion in a day amid fiat bloodshed; Can it reach $2 trillion?
As Bitcoin (BTC) finally crossed the psychological threshold of $30,000, the cryptocurrency sector has woken up to a ‘good morning,’ the positive momentum helping it grow its market capitalization by $52 billion in a single day, as bulls look toward reclaiming the $2 trillion level.
Indeed, the total crypto market cap is currently above the 200-MA (moving average across 200 observed time periods) and 200-EMA (exponential moving average), according to the analysis published by crypto trading expert Michaël van de Poppe on April 11.
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$2 trillion in sights?
That said, the analyst also stressed that the cryptocurrency market needed to break crucial resistance at $1.25 trillion to continue toward $2 trillion as it currently stands at close to $1.24 trillion, demonstrating a “beautiful retest of 2017 peak high & weekly bullish divergence.”
As it happens, the total crypto market cap increased from $1.19 trillion to $1.24 trillion at press time, which means that it has added more than $52 billion or 4.43% in just 24 hours, as per the latest data accessed from the crypto tracking platform CoinMarketCap on April 11.
Blood in the fiat streets
Compared to Bitcoin and other crypto assets, fiat currencies have been going through a bloodbath, continuously losing their value on daily, weekly, monthly, and even year-to-date (YTD) charts, according to the recent data acquired from pricedinbitcoin21, the platform that tracks prices of traditional assets versus Bitcoin.
For instance, United States Dollar (USD) has dropped 32.66% in the last month compared to Bitcoin, the Euro (EUR) 30.99%, the British Pound (GBP) lost 30.44%, the Chinese Yen (CNY) 32.45%, and the Russian Ruble (RUB) 38.46%, all the while Bitcoin increased its value by 46.50%.
As a matter of fact, the price of Bitcoin at press time stood at $30,064, gaining 6.22% over the last 24 hours, 8.08% across the week, 46.50% in the previous 30 days, as well as 80.98% since the year’s turn, according to the recent data retrieved by Finbold on April 11.
It should also be noted that investors such as Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ have already warned about the decline of fiat currencies, and Kiyosaki is a strong believer that the USD’s global domination as the world’s reserve currency is ending, likening it to “toilet paper.”
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
