The cryptocurrency market cap gained more than 6 percent in the past 24 hours to around $2.22 trillion on Tuesday during the early Asian session. Bitcoin (BTC) price led the altcoin market in the gains, thus confirming the bulls are in control. The total crypto market trading volume increased 106 percent in the past 24 hours to about $105 billion.
The majority of the crypto trading volume, around 92 percent, emanated from the stablecoins sectors. As a result, it is safe to assume that more crypto cash inflow to the stablecoins space recently has spiked the buying pressure.
Top Reasons Crypto Gained Today
There are several reasons the crypto market edged higher in the past 24 hours, led by the enthusiasm from heightened institutional demand.
Freight to quality
On Monday, leading European digital assets investment company CoinShares reported that the crypto market registered its fourth consecutive week of cash inflow. Notably, the crypto market received $598 million in cash inflow last week, with the majority destined to spot Bitcoin ETF products.
The need to counter high fiat inflation and poor monetary policies has escalated the adoption of Bitcoin and other crypto assets.
MicroStrategy Adds More Bitcoin
On Monday, MicroStrategy Inc. (NASDAQ: MSTR) stock gained over 16 percent after Michael Saylor announced that the company has acquired an additional 3,000 Bitcoins for $155 million. As a result, MicroStrategy now holds around 193k Bitcoins, representing almost 1 percent of the tagal circulating supply.
Parabolic Bull-Cycle Phase on Horizon
The rise of Bitcoin’s price above $56.6k for the first time in more than two years has significantly increased bullish sentiments. The recent fear of possible crypto correction has turned into a short squeeze in a short period. Furthermore, Bitcoin’s monthly Relative Strength Index (RSI) rallied above the 70 level for the first time since the 2021 bull cycle, with the fourth halving about 50 days from happening.
Consequently, more than $378 million has been liquidated from the leverage crypto trading, with the majority being short traders.
