Crypto Rally at $2,000 Market Cap as Institutions Signal They Are Ready to Enter

bitcoin ( BTC ) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for t...


bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in more than three weeks amid signs of a clear shift. of market sentiment – ​​headlined by Goldman Sachs, no less.

BTC printed an intraday high of $44,253, having gained more than 3% during the session, according to data from Cointelegraph Markets Pro and TradingView. The largest cryptocurrency by market capitalization has now recovered over 33% of its January low.

The total crypto market capitalization has gained more than 7% since Monday to nearly $2.1 trillion, according to data from Coingecko. The market cap figure also reached $2 trillion on CoinMarketCap.

Although not bullish, Bitcoin’s fear and greed index has escaped “extreme fear” and is now at the “fear” stage with a reading of 40. The volatility and sentiment indicator is based on a scale of 0 to 100 with higher readings corresponding to a more bullish outlook for BTC.

Bitcoin’s Fear & Greed Index remains an important indicator of general market conditions. Source: Alternative.me

The apparent shift in crypto market sentiment follows months of declining Bitcoin and altcoin prices, leading some investors to speculate on the possibility of a full-fledged bear market. Amid the geopolitical turmoil, however, members of the legacy financial community have identified crypto as a potential opportunity.

As Cointelegraph reported, Larry Fink, CEO of BlackRock said the war in Ukraine could force nations to reassess their monetary dependencies, potentially paving the way for digital assets. Specifically, the BlackRock CEO touted digital assets as a viable tool for international settlements and transactions.

Crypto has been on Fink’s Radar since at least the fourth quarter of 2020.

Meanwhile, multinational investment bank Goldman Sachs seems to have put crypto on its radar and even redesigned its website homepage to reflect the growth of digital assets and the metaverse. Calling these technologies “megatrends,” Goldman has filled a new “Insights” section of its website with previously released reports on gaming, the metaverse, and Web3.

Goldman Sachs homepage on March 24, 2022.

Goldman Sachs recently entered into its first over-the-counter crypto options trade with Galaxy Digital. The investment bank first launched its Bitcoin futures product for CME in June 2021.

Related: US investment bank Cowen launches dedicated crypto division

Finally, Grayscale Investments recently announced the launch of a new smart contract fund which allows accredited investors to back Ethereum competitors. The new fund, which is already open for daily subscriptions, provides exposure to Cardano (ADA), Solana (GROUND), Avalanche (AVAX), Peas (POINT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM).