Bitcoin’s surge has pushed the crypto market cap to an impressive $1.19 trillion, the highest it’s been since June. This impressive rally has been driven in part by bitcoin’s 70% increase so far this year. However, the crypto industry is currently facing one of its strongest crackdowns to date.
Despite that bleak regulatory outlook, the market cap for digital assets has continued to surge, reaching $1.19 trillion according to data from CoinMarketCap. The figure stood at about $800 billion at the beginning of 2023.Bitcoin’s share of the overall market has continued to rise amid the surge.
Bitcoin’s so-called dominance hit a nine-month high of 45.5% last month as the cryptocurrency posted its best quarterly performance in two years and turned into one of the top-performing major assets in the world.
April has been a good month for BTC historically, so there is precedent for the rally to continue. In the past 10 Aprils, Bitcoin has gained in six of them, averaging a return of 17%. This data is from Matrixport.