Crypto markets’ recent rally reclaimed an old milestone on Wednesday, as overall market capitalization surpassed $1T for the first time since June 12.
After peaking above $3B in November 2021, crypto’s market cap has hovered around $900B during the past month.
The rally can be attributed to several things, according to Jeff Dorman, chief investment officer at crypto fund Arca: broader macroeconomic trends, positive developments within crypto and investors betting on the success of The Merge.
But there are several things that pushed crypto’s gains beyond those of the U.S. stock market, according to Dorman.
“As a result, it wasn’t surprising that the rally was led by DeFi tokens.” DeFi index DPI is up 31% in the past month.
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