The cryptocurrency market has remained resilient amidst the recent turmoil in the banking sector. According to this week’s summary by WMA, the total market capitalization of the crypto market stands at $1,165 trillion.
Despite a rollercoaster of a week, Bitcoin managed to increase by over 2%. Meanwhile, Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15%, indicating that investors are still optimistic about its potential.
The banking sector was recently hit hard due to allegations of money laundering activities and other financial crimes. However, it seems that these issues have not had a significant negative impact on the cryptocurrency market.
This resilience is likely due to several factors. For one thing, cryptocurrencies operate independently of traditional financial institutions like banks. Additionally, many people view cryptocurrencies as a hedge against economic instability and inflation.
Looking ahead, industry experts predict continued growth for the cryptocurrency market in spite of ongoing challenges from regulators and traditional financial institutions. As always with this emerging industry though - anything can happen!
"We’ve noticed an interesting trend lately where investors seem to be diversifying their portfolios even further into digital assets as they look for ways to mitigate risk and exposure," said a spokesperson for WMA.
It remains imperative that those interested in investing in cryptocurrencies do their own research before making any decisions or investments.
Disclaimer: This article is not intended as investment advice and should not be taken as such. Always conduct your own research before investing in any asset class including but limited to cryptocurrencies.