Crypto market cap $2 trillion

According to Coinmarketcap and Coingecko the total cryptocurrency market capitalization is now back at around $2 trillion – the Bitcoin dip in January 2022 previously caused it to lose this important psychological level.

If the crypto markets can once again find acceptance above $2 trillion they may rally further to to retest the all-time high market cap of $3 trillion in November 2021, reached when Bitcoin set its current ATH of $69,000 that month.

Earlier today Bitcoin spiked to a daily high of over $43,300 on Binance. Closing the weekly candle at over $41,000 last week appears to have allowed the bulls to regain control.

The current Bitcoin price is $42,500, up 4% in the past 24 hours.

Stock and Crypto Markets up on the week

Tradingview reports that the total crypto market cap is up 3.33% today, and the DeFi coins market cap up 1%.

The S&P 500 has broken back above 4500, higher than it was when Russia invaded Ukraine, up almost 1% on the day after a large gain of over 6% last week, the largest weekly green candles of 2022 so far.

That follows on from news out of the latest FOMC meeting that the Fed will hike interest rates by six basis points.

Bitcoin and the crypto markets continue to be correlated to stocks, rising or falling shortly after the SPX does. Ethereum has also reclaimed the $3000 level, and popular crypto ApeCoin is up 12% today.

It remains to be seen if Bitcoin will be able to breakout above the $45,000 resistance level, where it was previously rejected earlier this month and in February.

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