Global Crypto M-Cap Reclaims $1Tn: Does It Marks The End Of Crypto Winter?

The m-cap of global crypto market as per Coinmarketcap.com as of writing this copy at 4:29 pm (IST) has reclaimed $1 trillion mark and is up by close to 5% over the previous day. Bitcoin-the largest and most popular cryptotoken has also scaled to $22K, while other top cryptos that make up the Coindesk 20 top tokens are up by up to 20% as for Polygon.

Memecoin-Shibainu and Dogecoin are up by 3.15% and 3.8%, respectively.

There is a view by market observers that until the cloud over the rate hike trajectory is clear, bitcoin shall continue to be range-bound and shall trade in the range of $18K-$22K.

"While Bitcoin saw positive momentum this week, it remains range-bound when you take a broader view, and is still struggling to cross the $22,000 resistance," Joe DiPasquale, the CEO of crypto asset manager BitBull Capital, wrote to CoinDesk.

Though in line with other riskier-assets, cryptos too have shrugged concerns of sharp rate hike, there is a view by the market observers that it cannot be said that the crypto winter is over as yet as there is likely a case for prolonged crypto winter.

So, far from its peak of around $69K, bitcoin has come sharply down by around 68%.

Note, so far this year crypto market has withered amid systemic concerns, inflaiton, geo-political crisis and owing to a whole lot of negative news flow.