Bitcoin erases YTD losses as global crypto market cap jumps to $2.13T

Bitcoin (BTC-USD), the largest digital token by market cap, is erasing year-to-date losses as the global crypto market cap gains over 6% to $2.13T. Specifically, bitcoin (BTC-USD +6.6%) is drifting up to $47.5K in early morning trading Monday, meeting the same level seen in Jan. 2022, though still down 15% Y/Y. Ethereum (ETH-USD +7.1%) is also jumping to $3.37K, but down 10% YTD and +100% Y/Y. On a technical basis, bitcoin (BTC-USD) is in overbought territory compared with its 50-day moving average, recently changing hands at $42.4K. In theory, the price of BTC should revert back down to its mean; however, when it's "been trading in the eighth or ninth decile relative to the 50-DMA it’s historically about doubled in the next six months," Bloomberg reported, citing a note from Bespoke Investment Group. “Because Bitcoin has mostly traded higher over the years and really has a lot of momentum trading behind it, overbought levels have yet to become