Crypto m-cap struggles to reclaim $1 trillion mark. Will the woes continue to haunt investors?

economictimes.indiatimes.com:

US Fed chair Jerome Powell's vow to push interest rates to higher spooked traders. However, after dropping below $20,000, its key support and psychological level, Bitcoin flexed its muscles to rise more than 3 per cent to regain the $20,500 mark. Ethereum rose about 10 per cent to race past the $1,600 mark and recover all the weekly losses. The second-largest crypto token has been in the news over the blockchain’s ambitious software upgrade — 'The Merge.' The green days must be taken with a pinch of salt, warned Sathvik Vishwanath, Co-Founder and CEO, Unocoin. «The next couple of days are expected to be slang higher.»

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Among other altcoins, Avalanche, Flow, Cosmos, and Lido Dao, Compound rose in the range of 11-15 per cent during the early hours in Asia. Despite a 5 per cent rise, the total market capitalization of the crypto space remains below the $1 trillion mark, a sign of worry for traders. Though, a 20 per cent rise in volumes helped lift sentiment. However, market participants believe that there might be a partial recovery in the crypto space, but the overall sentiments remain muted and investors should remain cautious while picking the token on dips. Cryptocurrencies looked to regain some lost ground, with a strong rise in major crypto tokens and altcoins outperforming them, said Prashant Kumar, CEO and Founder, weTrade to ETmarkets.com. «While there may have been a temporary spike, global economic factors continue to play a role and the next month could see a continued bearish sentiment,» he added. The crypto market has been reeling