[Bitcoin Now] Growing Investor Interest... Total Cryptocurrency Market Cap Surpasses $2 Trillion

Dunamu Digital Asset Sentiment Index Indicates 'Greed'
Price Volatility and Trading Volume May Increase

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Recently, as Bitcoin has rebounded, investors have started paying attention to the cryptocurrency market again. The total cryptocurrency market capitalization (market cap) also surpassed $2 trillion (approximately 2,326 trillion KRW) for the first time in about two months.

According to Upbit, the operator of the domestic cryptocurrency exchange Upbit, as of 6:07 PM on the 12th, the Dunamu Digital Asset Sentiment Index recorded 69.64, indicating "Greed." The greed state means that investors' interest in the market is increasing, and price volatility and trading volume may rise.

The Dunamu Digital Asset Sentiment Index is an indicator that reflects market participants' investment sentiment. It is divided into five stages: Extreme Fear (0?20), Fear (21?40), Neutral (41?60), Greed (61?80), and Extreme Greed (81?100). The closer the index is to 0, the more investors' interest is cooling down. On June 22, when Bitcoin fell to 33.9 million KRW, the Dunamu Digital Asset Sentiment Index dropped to 14.68. Conversely, on April 14, when Bitcoin reached its all-time high of 81.99 million KRW, the index rose to 76.91.

As investors' interest gathered, the total cryptocurrency market cap recovered to the $2 trillion level. According to CoinGecko, a cryptocurrency market tracking site, on the 11th (local time), the total cryptocurrency market cap recorded $2.0017 trillion. It has been 87 days since the total market cap recovered to the $2 trillion level, last seen on May 19. The total cryptocurrency market cap had increased to $2.555 trillion on May 11.

Meanwhile, according to Upbit, at the same time, Bitcoin recorded 52.28 million KRW, down 0.58% from the previous day. Since rebounding to 52.84 million KRW on the 9th, there has been little fluctuation. However, altcoins such as Axie Infinity and Bora have risen more than 30% over the past week.