The total market capitalization of the cryptocurrency market surged past $1.55 trillion on Dec. 5, driven by remarkable weekly gains of 14.5% for Bitcoin and 11% for Ether. Notably, this milestone, marking the highest level in 19 months, propelled Bitcoin to become the world’s ninth-largest tradable asset, surpassing Meta’s $814 billion capitalization.
Despite the recent bullish momentum, analysts have observed that retail demand remains relatively stagnant. Some attribute this to the ripple effects of an inflationary environment and decreased interest in credit, given that interest rates continue to hover above 5.25%. While analyst Rajat Soni’s post may have dramatized the situation, the underlying, in essence, holds true.
