The most recent surge in the cryptocurrency market increased total capitalization by 4.6% in the last day, reaching levels not seen since May 2022 at $1.44 trillion.
Following a $300 million liquidation event on Tuesday, almost all of the losses were reversed, and Bitcoin (BTC) and many other cryptocurrencies rose back to the highs they had touched a week earlier.
Among the top 10 tokens by market capitalization, Cardano’s ADA and dogecoin (DOGE) led increases, rising as much as 12% in the absence of any sudden catalysts. Lower-than-usual liquidations on the futures following these majors indicate that spot purchasing was the main driver of the price action.
A market capitalization-weighted indicator of the digital asset market, the CoinDesk Market Index, increased by 3.8%.
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With a positive outlook on the blockchain and dwindling fears of an upcoming FTX sale of the token that will release more SOL into the market, Solana’s SOL surged to as high as $67, capping a week-long rise.
When developer Ava Labs announced that it was collaborating with financial behemoth JPMorgan on an upcoming portfolio management solution to be sold in Singapore, Avalanche’s AVAX surged 24%.
Some traders noted that despite recent price swings suggesting early symptoms of decoupling, market gains were similar to those of conventional assets like equities.
According to a letter sent to CoinDesk by FxPro markets analyst Alex Kuptsikevich, “the dynamics of the crypto and equity markets have diverged once again.”
But keep in mind that both asset classes have been growing strongly since October, so this supposedly negative link is only effective in the short run.
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