Crypto market cap sees $60 billion inflow in 24 hours as Bitcoin nears $31k

Bitcoin’s (BTC) price has begun to show signs of recovery, as it climbed back to over $30,000 on May 30, a 15% gain from the 18-month low it reached in the middle of May.

Since it hit a record high in November of last year, the whole cryptocurrency market cap has lost more than $1.5 trillion, with Bitcoin alone seeing a decrease of more than 60% over the course of the previous six months.

However, today’s shift towards green for the flagship digital asset has also had an effect on the broader cryptocurrency market capitalization, which has seen an increase of over $60 billion in the last 24 hours, according to CoinMarketCap data.

In particular, between May 29 – May 30, the global crypto market went from $1.21 trillion to $1.271 trillion.

A 4.64% increase over the last day was experienced by the entire market. The total crypto market volume in the previous 24 hours is $69.42 billion, which makes a 39.60% increase. Interestingly, the total volume in DeFi is currently $6.89 billion, 9.92% of the total crypto market 24-hour volume, while all stable coins is now $60.82 billion, which is 87.62%.

Bitcoin approaches $31,000

As mentioned, the price of Bitcoin has regained $30,000 and is closer to $31,000. The flagship digital asset is currently trading at $30,692, up 4.48% in the last 24 hours and 0.80% across the previous week.

Crypto trading analyst Michael van de Poppe opined:

“Finally,

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