There has been a massive increase in the global market capitalization of the crypto market during the last week, indicating renewed optimism by participants in the cryptocurrency market.
According to data retrieved from the crypto tracking platform CoinMarketCap on January 17, the global crypto market cap increased from $852.34 billion on January 10 to $991.8 billion at press time. This means that $139.46 billion has entered the crypto sector in just seven days.
Global cryptocurrency market cap 7-day chart. Source: CoinMarketCap
Consequently, the global crypto cap has increased by 16.36% in a week, and the daily trading volume of all cryptocurrencies (including stablecoins and tokens) has increased by 13.76% to $45.89 billion.
Based on recent results, the crypto market is expected to surpass $1 trillion once again in early November 2022, which represents a psychological threshold for the general market. Bullish stops are $1.5 trillion and $2 trillion.
The Bitcoin market cap has reached $1 trillion.
Bitcoin 7-day price chart. Source: Finbold
In a previous article, PricePredictions' machine learning algorithms predicted that Bitcoin would continue to rise and trade at a price of $21,382 on February 1, 2023. As of the date of publication, the projection stands at $21,587.