Crypto: Market capitalization on the rise

According to various data, the first half of 2023 is marked by a significant rise in crypto market capitalization. Just the thing to spark renewed investor interest after a year marked by scandals!

#Bitcoin just closed up 2 quarters in a row for the first time in 2 years. pic.twitter.com/bLJebga10s

— Bitcoin Archive (@BTC_Archive) July 4, 2023

First half of 2023: Significant rise in crypto market capitalization

After a scandal-ridden year, the crypto market seems to be gradually recovering. The proof: the first half of 2023 saw an impressive rise in total crypto market capitalization. We’re talking about an increase of over 50%. This upward trend marks a new craze for crypto.

Another fact: despite the fluctuating US dollar, renewed investor interest led to an increase of over 3% last week alone. This upward trend concerns the main cryptos, including bitcoin, Ethereum, Litecoin and Ripple. Bitcoin, in particular, is holding close to its annual high, bolstering crypto investors’ optimism for the rest of the year.

What’s the outlook for the second half of the year?

Despite the upward trend in the crypto market, not all cryptocurrencies are performing equally well. For example, Dogecoin remains relatively stable, with a slight rise of 0.3% in the first six months of the year. This highlights the concentration of investors on certain cryptocurrencies.

For the second half of the year, it’s crucial to keep a close eye on developments on the traditional currency market, particularly the actions of the US Federal Reserve (FED) regarding the funds rate.

A fall in the US dollar could indeed encourage a further rise in bitcoin and other major cryptos. The FED’s accommodating monetary policy could also boost the appeal of crypto. The latter will provide a solution against inflation and economic uncertainty.

The second half of the year thus presents interesting prospects for the crypto market, particularly for bitcoin. The possibility of a further rise is to be expected. This is favored by accommodative monetary policy and a potential fall in the US dollar.