Bullish Bitcoin Supercharges Crypto Market Cap to Shatter 12-Month High $300 Billion

Bullish Bitcoin Supercharges Crypto Market Cap to Shatter 12-Month High $300 Billion

Bullish Bitcoin Supercharges Crypto Market Cap to Shatter 12-Month High $300 Billion
Bullish Bitcoin Supercharges Crypto Market Cap to Shatter 12-Month High $300 Billion

By CCN Markets: The net valuation of the cryptocurrency market on Friday flew above $300 billion for the first time in the last 372 days.

Data assembled by CoinMarketCap.com shows that the cryptocurrency market capitalization touched approx $303.42 billion as of 1137 UTC today, its highest since June 13, 2018. That brought the market’s net bottom-rebound to as much as 196 percent, including a 143 percent gain on a year-to-date basis.

cryptocurrency, bitcoin
Cryptocurrency Market Value Goes above $300 Billion after Over a Year | Source: CoinMarketCap.com

A massive chunk of the cryptocurrency market’s gains on Friday came from bitcoin. The dominant digital asset today came closer to testing the $9,900 level, bringing its market capitalization to $175.27 billion as of 1310 UTC. The move helped to revive the bullish sentiment in the altcoin market, with some cryptocurrencies posting more 24-hour gains than bitcoin itself. They included Ethereum, the second largest cryptocurrency, which rose by 7.69 percent in the last 24 hours, and Bitcoin Cash, which jumped about 7 percent at the same time.

cryptocurrency
Cryptocurrency Top 10 Index Doing Better on Friday | Source: CoinMarketCap.com

What Pumped the Market?

It appears bitcoin drove the rest of the cryptocurrency market higher. But the world’s leading cryptocurrency itself took cues from the events unfolding on a macroeconomic level.

Related

Bitcoin’s price rise came only a few hours after the Federal Reserve’s dovish stance towards the financial market. The US central bank signaled that it would cut interest rates following the July meeting. The move drove $17.87 billion worth of capital into the equity funds, establishing the highest weekly inflow in the last three months.

The cryptocurrency derivative market also gained substantially from a more positive global outlook. The bitcoin futures (XBT/USD) set to expire in September this year breached the $10,000 level, according to data assembled by Skew. On CME, the bitcoin futures total open interest reached to its all-time high of $273 million notional yesterday from $250 million recorded on June 17.

CME bitcoin futures, xbt usd, bitcoin
CME Bitcoin futures (BTC) shows growing signs of institutional interest | Source: CME

The bullish XBT/USD statistics on CME showed growing signs of institutional investment in bitcoin, confirming that the asset nobody was talking about last year is now more upbeat than the US equities.