- The market showed bullish trends, as trading volumes and total market cap soars.
- Total market capitalization for crypto is at $1.9 trillion, at the time of writing.
- There is a notable shift from centralized exchanges to decentralized exchanges.
Statistics show that the market started to recover from the recent 76-day bearish trend. The total market capitalization is now $1.9 trillion (at the time of writing), a significant increase since May 2021’s bearish dips.
Many wonders where the action is coming from. Some attribute the market’s rise to the launch of EIP-1559 which introduced a deflationary mechanism into ETH as it disintegrated the Miner Extractable Value (MEV) problem. After the news, ETH soared up to 3000 USD.
Meanwhile, on-chain statistics show that a huge chunk of BTC transactions happened outside of exchanges. This means that users may be making their purchases through OTC platforms. According to analyst Willy Woo,
Strong HODLers have been taking this opportunity to scoop large amounts of...