Overview of the Cryptocurrency Market

After a downturn that exacerbated investor anxiety, broader cryptocurrency has gone viral market I proceeded on a recovery campaignand with bitcoin cash (BCH) leading the charge. This recovery is oriented towards recovering losses of the past week.

It is worth mentioning that global encryption market Capitalization increased by a whopping 5.76% in the past 24 hours. Therefore market evaluation is currently standing at $1.13 trillion, its highest value in two weeks. Impressive gains from bitcoin (BTC) and most altcoins catalysed this rapid boom.

Interestingly, almost all of the top 100 cryptocurrencies assets are seeing noticeable gains over the last 24 hours. Only top 100 assets excluded from this large-scale market rally are Quantum (QNT), Pax Gold (PAXG) and Gold (XAUT).

Meanwhile, among the top 20 assets by market cap, Litecoin (LTC) makes the most profit, with a 9% increase in the past 24 hours. Bitcoin is a close second, down 7.7% over the same time frame.

While assets like wrapped bitcoin (WBTC), Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC) all see gains above 6%, and XRP appears to be lagging behind with a slight increase of 1.7%. The asset has failed to hold above the psychological level at $0.50.

Conversely, bitcoin and Ethereum (ETH) have surpassed the highly coveted psychological levels at $28,000 and $1,800. However, the position of Ethereum remains sensitive. Trading at $1809, it could be ETH drop below the $1,800 mark in the face of slight correction.

The BCH is Leading the Charge

The latest market-wide recovery was supported primarily by bitcoin cash, which is experiencing the largest increase among the top 100 assets. The BCH recently rose to its highest level in two months of $134.40. The last time the asset saw this price was on April 18th.

Although there has been a slight decline over the past hour, BCH holds a gain of 24.38% in the last 24 hours and is currently trading at $132.45. Conflux (CFX), Flow (FLOW), Stacks (STX) and Optimism (OP) have also made their way in the top 5 gainers.

The BlackRock ETF is Reviving Trust

At recent days market, the rise comes from renewed confidence in bitcoin and the cryptocurrency industry following reports of BlackRock’s potential bitcoin ETF file. The $9 trillion dollars asset manager said on the edge of filing for a spot-based ETF with the Supreme Education Council in partnership with Coinbase custody.

Although the Securities and Exchange Commission history of exchange-traded funds rejected BTC, the cryptocurrency community believes BlackRock’s vehicle will get preferential treatment. BlackRock’s continued interest in BTC has triggered a renewal of trust in the long-term horizons of Bitcoin and cryptocurrency assets.