Fundamental analytics

Crypto market capitalization returned above the of 200 billion

Cryptocurrencies

On Thursday, there was a small local pullback in the crypto-currency markets, after rebound from strong psychological levels on Wednesday, the two main crypto currencies went on to growth. Bitcoin pushed off the zone $ 6000 and marked the weekly high in the $ 6600 zone. Ether was able to gain a foothold in $ 300 zone round level, making weekly lows in the $ 250 area.

In addition to the favorable technical factors that support the markets in the last trading days, it is possible that the additional support was exerted by the weakened US dollar. Indeed, this week the growth of the crypto currency market came on Wednesday and Friday, the days when the US dollar was trading under pressure. Thus, the movement of the crypto-currency market this week correlated with the fluctuations of the local currency in emerging markets, which reacted back to the strengthening of the US dollar.

United States is striving to tighten its monetary policy and avoid strong inflation, they are taking actions that strengthen the dollar. During this week, it seems that the crypto currency markets react negatively to the growing US dollar. In this sense, cryptos act like traditional assets.

We also note the increase in the volume of the crypto currency market. If on Monday the total volume of the entire market amounted 190 billion dollars, then on Friday, the capitalization of the whole market reached the value of 215 billion