Crypto Market Splashed With Green: Have The Bears Fled The Market Finally?

The cryptocurrency market splashed in green as top coins including Bitcoin and the popular Shiba Inu have seen a significant jump in prices in the last couple of days. The global market cap has crossed the $2 trillion mark after weeks bearish sentiment.

As of 1.38 a.m. ET Tuesday, Bitcoin was up 4.73% and trading at $44,778. All the top 10 coins were trading higher. Meme crypto Shiba Inu jumped 23.13%, CoinMarketCap data showed.

As per crypto exchange WazirX' daily analysis, SuperFarm(SUPER) and Status Network(SNT) were the top gainers in the last 24 hours, rising over 20% and outperforming Bitcoin over the same time period.

International Business Times spoke to several industry insiders to gauge the mood of the market. While some believed that the regularity clarity has opened the doors to bullishness, others said the bears are not leaving just yet.

Shivam Thakral, CEO of BuyUcoin, an Indian cryptocurrency exchange, said, "As we move towards regulatory clarity around crypto, we will witness a large number of new entrants in the crypto ecosystem from all walks of life."

"The future of the crypto industry looks promising as we are witnessing keen interest from venture capitalists, PE fund houses and retail investors who were sitting on the fence till now," Thakral told International Business Times.

In one of the several news points driving the bullishness, Layer 2 Ethereum scaling solutions startup Polygon raised $450 million at an undisclosed valuation. The funding round was led by Sequoia Capital. The WazirX analysis showed that Polygon (MATIC) prices soared above $2, gaining more than 15% in the last few hours.

Jay Hao, CEO of global exchange OKX.com, said, "The kind of attention crypto companies are getting from global venture capitalists is highly encouraging; the formal funding channels are opening up for crypto projects, which is a good move for the industry.

"Sequoia’s investment in Polygon is a sign of changing times," Hao told International Business Times.

Dileep Seinberg, founder and CEO of blockchain consulting firm Thinkchain, believes that the bears haven't cleared out of the arena yet.

"Due to global regulatory norms, this should take another 25-40 days to come into a stable state. By mid-March, the market should take a more stable outlook. Besides, in India, as cryptos are accepted as digital tax assets, we will see more institutional investors coming into the play," Seinberg told IBT.