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Crypto market cap climbs back to $2.19T amid weaker dollar

Bitcoin is back above its 50-day moving average around $64.3K, while major tokens showed a wide daily range from losses to gains.

Reported · Written up by our desk · Market Structure

Crypto market capitalization has risen for a second straight day, returning to $2.19T, a level last seen at the end of last week, as buyer interest grew despite a weakened correlation with US equities, according to Action Forex.

The broader tape remains focused on the 50-day moving average, suggesting the market has not yet confirmed a medium-term trend. Over the past day, popular coins swung from losses of 2.6% for Cardano and 2.5% for NEAR Protocol and Stellar to gains including 2.4% for Basic Attention Token and 6% for Zcash.

Bitcoin is up to $64.3K, gaining momentum since Monday, when it received support during a dip to local lows near $62.5K and then moved back above the 50-day moving average. For now, sentiment is more concentrated on BTC than on the crypto market as a whole, which is typical of early-stage shifts, Action Forex said.

Action Forex also noted cross-asset drivers and specific token moves, including a weakening dollar and falling oil prices, alongside Binance Coin rising to $600 and testing its highest levels in roughly two months. It also highlighted a warning from hardware wallet makers Trezor and Foundation about phishing attempts after a Coldcard incident, and separate developments including Hashdex announcing the liquidation of its spot Bitcoin ETF due to low assets under management and poor trading liquidity.

Latest closeBitcoin $64,114.39 ▲0.1%

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