Capital market commentator THE Kobeissi letter has highlighted the impressive rebound in the cryptocurrency market, in particular Bitcoin BTC / USDFrom its lower April Tuesday.
What happened: Thanks to his official X account, Kobeissi Letter stressed that the total market capitalization of the cryptocurrency had jumped with $ 1 billion, or 42%, from the bottom of April 8.
In addition, he said that market assessment was only 6% below his December 3.70 billion of dollars.
Bitcoin was the main engine of overvoltage, noted that Kobeissi’s letter, given the total market capitalization, excluding BTC, increased by only $ 319 billion from lows in April.
“Bitcoin works exceptionally well,” he added.
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Bitcoin currently has the largest market share, representing almost 63%. However, Ethereum Ethn managed to increase its domination by 7.4% to 9.3% during the month, according to CoinmarketCap.
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In addition, the Apex cryptocurrency has already earned 15.31% in May, double its average yields during the month.
Why it matters: The rebound in the cryptocurrency market comes after a period of major decline. Bitcoin plunged below $ 75,000 in early April, marking its lowest level for months. This drop was launched by the president Donald Trump Radical tariff measures, which revive fears of a global recession and have led to a high sale in risk assets.
However, the feeling was released after the United States announced a trade agreement with China earlier this month, sending a lower chances of recession and reviving a gathering in shares and cryptocurrencies. Bitcoin reached its summit of $ 111,970.17 last week.
Action: At the time of writing the editorial staff, Bitcoin exchanged hands at $ 108,972.89, down 0.33% in the last 24 hours, according to data from Benzinga Pro.
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Non-liability clause: This content was partially produced with the help of Benzinga Neuro and was examined and published by Benzinga Editors.
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