cryptoglobe.com
The total market capitalization of the cryptocurrency space has grown from around $3.42 trillion to $3.45 trillion over the last 24-hour period, a mild rise that appears to be the continuation of a rise that started at the beginning of the year.
Year-to-date, the cryptocurrency market has added over $200 billion to its market capitalization, with the price of bitcoin having recovered from a $92,000 low on Dec. 30 to now stand at $99,500.
Ethereum’s ether, the second-largest digital asset by market capitalization, saw a similar recovery from around $3,100 to over $3,600 at the time of writing. It’s worth noting that crypto economist Ben Lilly has suggested the token’s price is being surpassed by the growing value locked up in Ethena, which shorts ETH as part of its hedging strategy.
The cryptocurrency market’s surge today has been largely attributed to expectations of a more crypto-friendly regulatory environment under President-elect Donald Trump. Anticipated policy shifts, including the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as head of the SEC, have boosted investor confidence.
Additionally, the approval of spot bitcoin exchange-traded funds early last year has made digital assets more accessible, further contributing to the market’s upward momentum.
The rise also comes at a time in which corporate bitcoin holders are doubling down on the flagship cryptocurrency, with MicroStrategy announcing plans to raise up to $2 billion through preferred stock offerings to fuel additional BTC purchases this year.
Similarly, Metaplanet, a Japanese investment firm often referred to as “Japan’s MicroStrategy,” declared it’s looking to acquire 10,000 BTC valued at nearly $1 billion at current prices.
Featured image via Unsplash.