ecently, there have been some signs of a minor resurgence in the market for cryptocurrencies worldwide. On October 4, the market value of cryptocurrencies surpassed the $1 trillion milestone again. It has been in a prolonged bear market and dropping since the start of the year. Some of the important factors which affect the industry have been recorded in the current bear market for cryptocurrencies.
One of the worst market disasters ever occurred in May when the Terra ecosystem crashed, wiping out billions of dollars in investments. Terra's total of days fell to zero. Numerous companies and investors that had financed Terra were impacted by this. Several bitcoin businesses as a result closed down or filed for bankruptcy.
The latest data from CoinGecko indicates that the market capitalization of cryptocurrencies has reached $1.1 trillion.
Can we expect a bull market now that the cryptocurrency industry has recovered $1.1 trillion?
The current market cap of global cryptocurrencies, according to Coingecko data, is $1,100,568,930,350. The volume for the past 24 hours is $57,043,750,217. BTC holds a 37.1% market share while ETH holds a 17.8% market share of the overall market capitalization.
The values of the largest cryptocurrencies are not now at their maximum points. The majority of well-known coins have dropped between 60 and 80% from their peaks. BTC is currently worth $21,254 while ETH is currently trading at $1,622. ETH has climbed by $300 and BTC by $1,000 during the past month.
Although the market worth of all cryptocurrencies has surpassed $1.1 trillion once again, this does not necessarily mean that the bear market is over. There is still a long way to go before the bitcoin industry can genuinely enter the bull market.
The adoption of cryptocurrencies is widespread. Although the costs are not in the finest of shape, more and more nations are adopting them. The blockchain sector is experiencing a number of positive changes, and significant ones are still taking place in spite of the bear market.
However, the bear market in cryptocurrencies is a typical occurrence in a healthy market cycle. The people who ride the wave will eventually be in a better position than the people who sell right away.