Cryptocurrency Market Cap Recovers to $2.49 Trillion… 3 Key Factors Driving the Surge

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The market has once again begun to lean towards risk assets. As the strength of Layer 1 blockchains and a surge in altcoins coincided, the total cryptocurrency market capitalization expanded to $2.49 trillion in just one day.

According to CoinMarketCap, a cryptocurrency market aggregation site, on May 30 (local time), the overall cryptocurrency market rose by 0.87% over 24 hours. In particular, the Layer 1 blockchain sector led the market's rise, climbing by 1.06%, and its 30-day correlation with gold also increased to 79%, indicating a strengthening trend as an inflation hedge asset.

Solana (SOL) and Stellar (XLM) were at the center of this uptrend. According to the media, Solana formed a strong bullish sentiment, and Stellar surged by over 95% in a few days following news of its integration with the DTCC's tokenized securities platform. The market analyzed that this served as an opportunity for fund circulation to expand across high-performance Layer 1 networks.

Speculative buying across altcoins also supported the market's rise. Stargate (STG) surged by 29.65%, Portal (PORTAL) by 58.39%, and the social media-based investment sentiment score also recorded 5.12, creating a net buying dominant atmosphere. In particular, as optimism spread regarding the Solana and Hyperliquid (HYPE) ecosystems, individual investors' risk appetite was assessed to have strengthened.

In the short term, the market's ability to break through the $2.53 trillion mark was identified as a critical watershed. The media analyzed that this level corresponds to the 78.6% Fibonacci retracement resistance line. If it breaks through, the total market cap could see further gains towards the $2.6 trillion mark, which is the 30-day simple moving average, but if it fails to overcome this resistance, there is a possibility of a short-term correction and sideways movement.

Market participants are also paying attention to the US Federal Reserve's (Fed) interest rate decision scheduled for June 17. The media predicted that if the Fed issues dovish signals, it could provide additional upward momentum for the cryptocurrency market, but hawkish remarks could limit the rally in risk assets.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*