Crypto market cap sees $60 billion inflow in 24 hours as Bitcoin nears $31k

Crypto market cap sees $60 billion inflow in 24 hours as Bitcoin nears $31k
4 weeks ago
3 mins read

Bitcoin’s (BTC) price has begun to show signs of recovery, as it climbed back to over $30,000 on May 30, a 15% gain from the 18-month low it reached in the middle of May. 

Since it hit a record high in November of last year, the whole cryptocurrency market cap has lost more than $1.5 trillion, with Bitcoin alone seeing a decrease of more than 60% over the course of the previous six months.

However, today’s shift towards green for the flagship digital asset has also had an effect on the broader cryptocurrency market capitalization, which has seen an increase of over $60 billion in the last 24 hours, according to CoinMarketCap data.

In particular, between May 29 – May 30, the global crypto market went from $1.21 trillion to $1.271 trillion.

Global crypto market cap. Source: CoinMarketCap.com

 A 4.64% increase over the last day was experienced by the entire market. The total crypto market volume in the previous 24 hours is $69.42 billion, which makes a 39.60% increase. Interestingly, the total volume in DeFi is currently $6.89 billion, 9.92% of the total crypto market 24-hour volume, while all stable coins is now $60.82 billion, which is 87.62%.

Bitcoin approaches $31,000

As mentioned, the price of Bitcoin has regained $30,000 and is closer to $31,000. The flagship digital asset is currently trading at $30,692, up 4.48% in the last 24 hours and 0.80% across the previous week.

Bitcoin 1-day price chart. Source: CoinMarketCap.com

Crypto trading analyst Michael van de Poppe opined:

“Finally, Bitcoin is making the run upwards. Some more consolidation here and we’re ready to break further upwards in which $32.8K and $35K are the resistances.”

He added: 

“The moment that the market gets to $35K, that’s the point where I’m expecting everyone to turn bullish.”

It’s worth mentioning that The Bitcoin Fear & Greed Index registered “extreme fear” due to the collapse in the cryptocurrency market, which caused the gauge to plummet to its lowest level since the beginning of 2019.

However, now strategists at JPMorgan Chase (NYSE: JPM), claiming that the cryptocurrency has “significant upside potential,” have helped shift market sentiment this week.

WAVES makes waves in the market

In terms of altcoins, leading digital assets, such as Ethereum, Cardano, Shiba Inu, and Dogecoin, are up by a couple of percent or more daily. However, the biggest gainer out of the top 100 cryptocurrencies is Waves (WAVES).

WAVES leading gainer top 100 cryptos Source: CoinMarketCap.com

Indeed, Waves leads the crypto market by the most gains, currently up 27.38% and trading at $5.65 on the day.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.