In the last 24 hours, the global cryptocurrency market has seen over $55 billion in inflows, according to data from CoinMarketCap. The market’s market share is now nearly $1.3 trillion, thanks in large part to the recent milestone achieved by Bitcoin, the most popular cryptocurrency.
Bitcoin is currently trading at $30,838, which represents a 10% increase over the past seven days, and it has a market cap of over half a trillion dollars. This price point is the highest it has reached this year, and since June of 2022 when Terraform Lab’s projects imploded. Meanwhile, Ethereum‘s price has crossed the $2k mark for the first time in almost a year, currently trading at $2,118 after gaining more than 15% in the past week.
Altcoin Season: Experts Say Proceed with Caution
Expert cryptocurrency traders are now predicting that the altcoin season has begun, and investors have plenty of opportunities to make significant returns. However, caution is advised as there is always the risk of sudden price jumps and violent crashes that could affect investments.
In a bull market, liquidity flows from Bitcoin to Ethereum and then to altcoins before finally reaching the “shitcoins” stage. This cycle then repeats itself. However, a German crypto influencer on Twitter has argued that the current phase is more like 2019 than a true bull market. He warned investors to expect coins to react more slowly, and for the unpredictable cycle to eventually come to an end.
Solana (SOL) Emerges as Top Performer
Of the top ten cryptocurrencies with the largest market caps, Solana (SOL) has emerged as the top performer, growing by over 23% in the last seven days. Crypto traders bought and sold nearly $1 billion of the token, making it the most traded cryptocurrency of the week.
The cryptocurrency market has seen significant growth in the last 24 hours, with over $55 billion in inflows. Bitcoin and Ethereum have both seen gains, while Solana has emerged as the top-performing cryptocurrency of the week.
