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Crypto market capitalization climbed to highest level at $1.19T, helped by BTC’s massive 70% rally

As the market turns optimistic, investors’ expectations for Bitcoin have risen, with many expecting BTC to reach the $30,000 milestone. This idea was further backed by a check at BTC’s on-chain stats. For example, BTC’s exchange reserve was falling, which is a good indicator because it indicates reduced selling pressure.

The overall market capitalization of all cryptocurrencies has reached its highest level since June, thanks to Bitcoin’s stunning 70% gain to start the year. The increase in overall crypto wealth is notable because it occurs when the industry is facing one of the most severe crackdowns in its history.

Despite the grim regulatory picture, the market capitalization of digital assets has climbed to $1.19 trillion, according to CoinMarketCap data. Around the start of 2023, the number was around $800 billion.

crypto-market-capitalization-climbed-to-highest-level-at-1-19t-helped-by-btcs-massive-70-rally

Source: TradingView

During the boom, Bitcoin’s market share has increased. Its alleged domination reached a nine-month high of 45.5% last month, as Bitcoin produced its highest quarterly performance in two years and became one of the world’s top-performing major assets.

April has historically been a good month for Bitcoin, so the surge will likely continue. According to Matrixport data, Bitcoin has gained in six of the last ten April, returning 17% on average.

Is the next quarter better?

According to Santiment, it provided positive news about the start of the new quarter. Favorable terms such as bullish, buying, and bottom significantly increased. This contrasted with the prior week, marked by a bearish mood.

“Traders have started the week with a big uptick in optimistic keywords like bullish, buying, or bottom. The weekend actually had spikes in more negative words like bearish & selling. Watch for the crowd getting too prematurely excited about $30k”, Santiment reported.

crypto-market-capitalization-climbed-to-highest-level-at-1-19t-helped-by-btcs-massive-70-rally

Source: Santiment

A similar favorable market prognosis was shown by LunarCrush’s data, which showed a 35% decrease in total pessimistic sentiment. Thus, should investors expect cryptos to start the second quarter with gains on their charts?

According to CryptoQuant’s statistics, long-position traders are dominant and prepared to compensate short-position traders, indicating bullish market. It was also fascinating to notice a decrease in BTC supply on exchanges, which could indicate increased accumulation.

Bitcoin’s emission intensity recently achieved a new all-time low (ATL). This was encouraging for the Bitcoin mining business and may assist in increasing good feelings in the market about BTC.

According to LunarCrush data, the worldwide crypto market cap has increased by 2% in the last week. With the current market conditions and rising bullish attitudes, the likelihood of a bull market in the early days of Q2 2023 appeared high.

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