For the first time since May, the total crypto market cap has reached $2.2 trillion as of August 20, according to a report from data aggregator, CoinGecko. The market initially stood at $2.5 trillion earlier in May. However, it witnessed a drastic plunge following a series of events which included Elon Musk’s tweet announcing Tesla’s suspension of Bitcoin usage.
The plunge created lots of FUD with many speculating it could perhaps be the moment the crypto bubble bursts. However, on the contrary, this was more of an opportunity for the crypto space to further its journey in stability, growth and mainstream adoption.
Read more: The Great Crypto Shakeout: Is Crypto “Dead”?
Current stats show that the crypto market is in a steady recovery mode and it’s only a matter of time before the previous all-time-high is surpassed.
Bitcoin’s market value plunged as low as $560 billion in July. However, as of August 22nd, its market value sits above $909 billion according to CoinGecko. Other cryptocurrencies have also shown such steady recovery. Ethereum for instance has risen from $209 billion (as of July) to over $368 billion (as of the time of writing). ETH’s growth may well be connected to the recent Ethereum London upgrade, as well as the NFT frenzy driving a substantial portion of Ethereum transactions.
ADA, or Cardano, is another cryptocurrency that has shown similar recovery. The crypto has risen to its highest value since May. Currently with a market cap of over $82 billion, ADA continues to show promises of steady future growth.
The overall growth in the crypto industry also follows the recent statement by Elon Musk revealing that his firm, SpaceX owns Bitcoin. According to Cointelegraph, Elon was quoted saying, “I do own Bitcoin; Tesla owns Bitcoin; SpaceX owns Bitcoin; and I do personally own a bit of Ethereum and Dogecoin of course.”
He also hinted at Tesla’s plan to resume acceptance of crypto payments as a result of the significant reduction in energy consumption by Bitcoin mining.
The current growth in the crypto market strengthens the hardcore beliefs of crypto enthusiasts that the industry is far from crashing, not now, not anytime in the future. However, before investing in the crypto space, it is important to consistently do your own research (DYOR) diligently.
Despite the initial plunge in the market, traders and investors continue to explore alternative ways like crypto derivatives (CDs) trading to maintain steady income.
Read more: 5 Ways to Win in a Sideways Crypto Market
All in all, the future of crypto ain’t bleak. It gets brighter each passing time through thick and thin. That’s why CDzExchange believes in the vast potential of advanced crypto trading, including decentralized options and perpetual swaps.