Bitcoin Market Cap Decoded

The global crypto market cap moved positively towards a total market cap of $1.82 trillion. Will a move towards the $2 trillion mark materialize soon?

Here are a few factors pushing the crypto market up:

1.Ukraine legalizing Crypto

The Ukrainian Government has legalized cryptocurrency in the wake of its ongoing war with Russia. President Volodymyr Zelensky has also signed a law that will promote creation of the legal framework for virtual assets. A cryptocurrency donation website to help Ukraine in their fight against Russia has been created and is being publicly promoted by Vice-Prime Minister Mykhailo Fedorov on Twitter and other channels.

2.Bitcoin looking good on the charts

Bitcoin and crypto traders who do so on the basis of technical charts can see a clear upward trend in prices of crypto. Short term momentum suggests a bullish trend. Another positive for Bitcoin proponents is that the Relative Strength Index (RSI) on the daily chart is rising above “oversold levels”, meaning the 3-4 month long slump in Bitcoin prices could be firmly in the past.

3.Instagram to launch NFT's soon

Mark Zuckerberg has publicly stated “we're working on bringing NFTs to Instagram in the near term”.

4.The crypto market reacted to the Fed's interest rate hike

Bitcoin has seen sustained positive price action since the Fed's interest rate hike announcement, the first hike since 2018. Other cryptocurrencies have followed suit and have been trading in the green for the past two days. Yet, the market seems to be divided on the impact of the Fed's announcement.

Will cryptocurrency continue its strong up move and have a market cap of $900 billion or more on or before March 31, ‘22?

Sources:, CoinDesk