New bull market is coming? What do you think?
The total capitalisation of the cryptocurrency market has returned to the $2 trillion mark. The leading alt coins have been making strong comebacks with Cardano our pick of the pack:
- Bitcoin (BTC) +7%
- Ethereum (ETH) +9%
- Cardano (ADA) + 53%
- Dogecoin (DOGE) +32%
- Ripple (XRP) + 66%
Analysts note that even the US Senate’s passage of controversial amendments concerning the taxation of cryptocurrency assets failed to stop the market’s capitalisation growth. It continued even after the news that the cryptocurrency industry had not succeeded in getting new tax reporting rules for cryptocurrency use changed in the US infrastructure bill.
The rising capitalisation of the crypto market can be seen as another trigger for a new bull market. The increase in the overall value of digital assets suggests a growing interest in cryptocurrencies among investors, which in turn clearly indicates that digital assets are becoming a growing trend.
Of additional note is the continued growth of the DeFi market which has total value locked of $144 billion, with 10% of this being in AAVE, this is close to the all time high of $150–160bn
What is your opinion? Are we at the start of a new bull run? Share what you think in the comments!
