The bullish momentum has continued throughout the day and total market capacity has topped $400 billion as we start another week in crypto land. This marks the first time that markets have been back over this level since March 8, over six weeks ago.
Six weeks is a long time in crypto land, a lot of things have happened since early March and we have had the lowest dip of the year on April 1 at $244 billion. This is a loss of around 70% from the all-time high in early January of approximately $830 billion. Markets were last trading at such low levels around November 22, 2017 but the difference then was that they were largely bullish and on the way up.
This rally since that low has increased total market capitalization by $156 billion, or just below 64%. This has occurred in just three weeks, quashing all the mainstream media FUD about the bubble bursting. A couple of hours ago Coinmarketcap posted a level of $400.56 billion and at the time of writing markets are hovering just below it but still looking bullish.
Momentum has been driven as usual by a Bitcoin recovery which has seen the king of crypto recover 35% from a low of $6,600 at the beginning of April. Bitcoin dominance is currently a touch under 38% which is a decline from its 2018 high of just below 46%.
Altcoins have also rebounded largely, some performing better than others. At a glance those posting the best gains over the past week and driving the recovery include Bitcoin Cash which is up over 80% and Bitcoin Private which has surged into the top 25 making 127% gains on the week. The gains have been shared with many of the altcoins and others performing exceptionally well with over 30% increases in the past seven days according to Livecoinwatch include Ripple, EOS, Stellar Lumens, Iota, Monero, Icon, and Bitcoin Gold.
Total trade volume over the past 24 hours stands at $22.9 billion which is 43% higher than the $16 billion traded per day this time last week. The next critical level for all crypto markets is around $500 billion which is the level reached on the previous rally following February 6th dip to just below $280 billion. At the moment the bulls are back in charge of the crypto train.
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