Capital markets commentator The Kobeissi Letter highlighted the impressive rebound of the cryptocurrency market, particularly Bitcoin (CRYPTO: BTC), from its April lows on Tuesday.
What Happened: Through its official X account, Kobeissi Letter highlighted that the total cryptocurrency market cap has surged by $1 trillion, or 42%, since the bottom on April 8.
Furthermore, it stated that the market valuation was only 6% below its December peak of $3.70 trillion.
Bitcoin was the primary driver behind the surge, noted The Kobeissi Letter, given the total market capitalization, excluding BTC, increased by just $319 billion since April lows.
âBitcoin is performing exceptionally well,â it added.
Bitcoin currently has the largest market share, accounting for almost 63%. However, Ethereum (CRYPT: ETH) managed to increase its dominance from 7.4% to 9.3% over the month, according to CoinMarketCap.
Moreover, the apex cryptocurrency has already gained 15.31% in May, nearly doubling its average returns during the month.
Why It Matters: The cryptocurrency marketâs rebound comes after a period of major decline. Bitcoin plunged below $75,000 in early April, marking its lowest level in months. This drop was triggered by President Donald Trumpâs sweeping tariff measures, which reignited fears of a global recession and led to a sharp sell-off in risk assets.
However, the sentiment has eased after the U.S. announced a trade deal with China earlier this month, sending recession odds lower and reigniting a rally in stocks and cryptocurrencies alike. Bitcoin climbed to its all-time high of $111,970.17 last week.
Price Action:Â At the time of writing, Bitcoin was exchanging hands at $108,972.89, down 0.33% in the last 24 hours, according to data from Benzinga Pro.Â
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.