• Bitcoin’s rally has pushed the overall cryptocurrency market capitalization to a 10-month high of $1.19 trillion.
• Despite regulatory pressure, the crypto industry has seen significant growth in recent months, with bitcoin’s dominance reaching 45.5%.
• April has historically been a positive month for BTC, with the asset returning an average 17% in past years.
Crypto Market Cap Hits All-Time High
The total market capitalization for all cryptocurrencies has climbed to the highest level since June, helped by Bitcoin’s (BTC) massive 70% rally to begin the year. The rise in overall crypto wealth stands out despite facing one of the strongest regulatory crackdowns in its history – pushing the market cap to $1.19 trillion according to CoinMarketCap data. The figure stood at about $800 billion at the beginning of 2023.
Bitcoin Dominance Reaches 9-Month High
Bitcoin’s share of the overall market has risen amid its surge, with its so-called dominance hitting a nine-month high of 45.5% last month as it posted its best quarterly performance in two years and turned into one of the top performing major assets in world markets.
April Historically Positive For Bitcoin
April has historically been positive for BTC, with six out of ten Aprils resulting in gains averaging 17%, according to Matrixport data. This suggests that there is potential for this year’s rally to continue throughout April as well.
Regulatory Pressure Remains Steady
Despite this positive momentum, regulators have not taken their foot off the gas pedal when it comes to enforcing stricter regulations on crypto businesses and exchanges around the world – including proposed legislation from both US Congress and European Union lawmakers that could significantly limit digital currency operations if passed into law.
While regulation remains an ever-present risk factor for digital assets, bitcoin’s huge surge has helped push cryptocurrency markets back up close to their all time highs – suggesting that even though regulators may be trying hard to slow down this industry, it may still be too early for them to achieve success given how quickly things can change within crypto markets