Is This The Bear Bottom Given Bitcoin's $22,000 Price and $1 Trillion Total Market Cap?

The price of bitcoin recently increased by 7%. I had recently talked about how long the $20,000 will hold and now we are already in $22,000, I didn't anticipate it holding up for so long. It's a great one; at least the market cap is over $900 billion. It's possible that we will soon witness a market cap of $1 trillion. I'll argue that the crypto market is performing pretty well because the crypto industry has recently been in a slump.

While we are thrilled about bitcoin's daily increase of 7%, let's not forget that this represents 15% of its weekly increase. Bitcoin and Ethereum, the top 2 cryptocurrencies in the world, are both up significantly lately. Solana is doing fantastic; I was surprised to see it yesterday at $37; I recall when it was $27 a few weeks ago. Is that a message? Do we have any reason to be hopeful that the downward trend is about to come to an end?

But when more cryptocurrency businesses lay off employees and more come forward to declare bankruptcy, will this cause additional anxiety among cryptocurrency traders?

People are starting to take the adage "not your keys not your coins" more seriously by likely storing their bitcoin in a DEX wallet, as this year saw one of the greatest outflows of bitcoin from exchanges. Both of them can be stored in a cold or hot wallet. But for ultimate security, it's always a good idea to include a cold wallet.

The overall cryptocurrency market just recaptured its $1 trillion market cap price while I was penning this post. We can all agree that bitcoin had performed admirably up to this point if this is indeed the bottom. This was sufficient to cause the price to drop even further in the past given all that happened in the cryptocurrency market over the last few days and weeks. It experienced the Luna/UST crash, top crypto platform crash, bankruptcy filing, and subsequent bankruptcy filings by several crypto firms. Instead, people are becoming more cautious while still making purchases.