After falling from a peak of $835 billion USD in January to $250 billion two-and-a-half weeks ago, the market cap of the cryptoeconomy has re-achieved the $400 billion mark for the first time since February 5th, 2018. As buy pressure returns, traders and hodlers in the space are rejoicing, but there’s still a good ways to go until the next symbolic cap milestone of $1 trillion is reached.
Back in Action
The Q1 2018 downturn led to a lot of soul-searching in the cryptoverse, particularly for the newcomers to the space that just arrived toward the tail end of 2017’s late bull run.
Now, though, the reflective mood has given way to hopeful excitement as the cryptoeconomy has eclipsed a $400 market capitalization once more.
At press time, bitcoin’s market dominance is hovering just under 38 percent, while crypto markets collectively have seen upwards of $14 billion in trade volume over the past 24 hours.
Not even a full week after America’s April 17th tax filing deadline, many big-cap and small-cap cryptocurrencies have been posting consecutive days of price gains for the first time since the very beginning of the year. That dynamic will lend credence, however merited, to the theory that the unprecedented build-up of crypto wealth in 2017 led to a deluge of sell pressure in Q1 2018.
If that’s true, then the bottom is behind us.
Bitcoin Cash (BCH) on a Tear
Speaking of the past week, the big short-term winner has been bitcoin cash. At the time of publication, BCH — currently sitting at ~$1,388 — is up 13 percent on the day, while being up approximately 80 percent since last Monday.
Conversely, that still puts BCH down 64 percent from its all-time high of $3,870.05 four months ago.
If and when that high will ever be breached again is unknown. In the mean time, though, the community prepares for the upcoming BCH hard fork on May 15th.
Price Isn’t the Only Thing Growing
On the other side of the fence, bitcoin (BTC) fans are optimistic about the growing number of nodes supporting the fledgling Lightning Network, the Bitcoin network’s proposed layer-two scaling solution.
To that end, there are now more than 7,000 active channels and 2,000 nodes supporting LN.
Notably, LN only had 1,000 nodes at the beginning of last month. Thus the march toward progress continues on.
What’s your take? Are crypto’s bears going into hibernation, or will the markets see more chop before a real bull run starts? Sound off in the comments below.
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