- Bitcoin continues to progress gradually, crossing $59,300 in the meanwhile.
- Ethereum moves to $4,400, but altcoins show mixed and indecisive patterns.
- EGLD and TLM make record gains, as AVAX stays untouchable.
The cryptocurrency market has become a highly competitive industry as more and more tokens enter the market. There are a total of over 14,500 cryptocurrencies that are being bought, sold, and exchanged at a total of 431 exchanges. Therefore, tokens like Bitcoin, Ethereum, and Cardano enjoy tremendous market support with skyrocketing trading volumes and market capitalization. Yet, tokens continue to compete with each other, forming different market trends.
Bitcoin and Ethereum are the two undisputed leaders of the crypto market. Bitcoin is the oldest, valuable and reputable token that has made huge leaps of price upsurges to complement itself as the actual market leader. Ethereum is the leading altcoin in the sector, and many tokens get influenced by its performance. At the time of writing, the dominance of Bitcoin stands at 42.3% as compared to the dominance of Ethereum, which is at 19.6%. These two also account for a significant part of the sector’s overall market cap. The global crypto market cap has also slightly increased to reach $2.65T over the last day.
Bitcoin records a steady upsurge pattern
Previously, Bitcoin had dropped to a concerning $55K mark, as the local support levels could not hold the token’s value. This bear run also triggered a downfall of several other tokens, as they shed most of their gains. However, since then, BTC has been making a solid comeback. Even though it is still 8.30% below last week’s high, Bitcoin has closed its gap with the crucial $60,000 figure.
BTC is currently valued at a little over $59,300. The chart, however, shows that the con did reach almost $60K and consolidated in late trading hours. Yet, the coin looks all set to pull itself out of the correction phase. As a result, many other tokens and coins in the market will gain confidence and stability as the market looks to recover.
ETH grows confident but altcoins remain indecisive
Ethereum has just bounced off its strong $4,000 support level. The coin even dipped below $4K for a brief moment, but it has remained bullish since then. ETH made its way to $4,400, and it is currently valued at around $4,380. However, it is still 5.70% below last week’s value. Ethereum had made a dream run to touch new all-time highs, close to the $5K mark, but it faced a substantial market correction since then. Nonetheless, with a trading volume of $14.61 B, ETH looks all set to continue its upscaling.
On the other hand, several altcoins are forming a mixed and indecisive pattern. This is why there is no clear outlook of the market at the moment. Only a couple of tokens have made considerable gains or losses, as others have lingered around their day-old prices. BNB is standing at $596.84, whereas ADA has touched $1.91. The latter is recording minimal gains, but it is on its way to the $2 mark, which can prove crucial for its long-term valuation.
However, the competitor of both ETH and ADA, Solana (SOL), has slightly dipped to $214.63. As the token recorded a further 2.44% loss in value, its price has degraded by about 10% since the last week. XRP has remained stable at $1.09, and DOT has touched $42. But on the other hand, DOGE and SHIB have experienced a loss in value. DOGE has further slid to $0.23 after a 2% decrease, and SHIB has fallen further behind $0.00005 after a 5.70% decrease lately.
LUNA, LTC, and UNI recorded slight gains, as LINK, ALGO, VET, XLM, and AXS remained on a slightly losing side. However, MATIC, CRO, and TRON remained consistent with their older prices without any apparent deviation.
EGLD and TLM shine with considerable gains
Elrond (EGLD) was the one cryptocurrency that recorded noticeable gains over the last day. The coin made gains of over 11% to cross $390. At the time of writing, it is valued at just under $390. The chart of the coin shows the progress made by the coin over the last day or so. Also, the trading volume and the coin’s market cap have increased to provide more stability and sustenance in its growth pattern. The coin is looking set to grow further and cross $400 if the bulls remain strong.
Moreover, TLM has made gains of over 20% to reach a high of $0.35. The token is being traded at just below $0.34, but this massive outbreak suggests a potential bull run for TLM. With more money flowing into the growing token, the price surge can encourage more customers and consumers on the platform.
The price of Alien Worlds (TLM) has risen by 43.55% in the past seven days. The price increased by 26.74% in the last 24 hours. In just the past hour, the price grew by 7.29%. The current price is ₱18.551191 per TLM. Alien Worlds is 94.89% below the all-time high of ₱363.15.
Apart from these, AVAX remained persistent with its bull run. One of the best performing tokens of the season has shocked the market with its constantly increasing price. It has further gained over 10% to cross $126 in the live market. The coin has not only smashed through the triple-digit figure, but since then, it has not looked back. AVAX has exceeded everyone’s expectations, and therefore, the analysts are still bullish for its performance.
Even though some considerable gainers and losers, the market’s overall outlook have been rather indecisive. The market is growing out of a correction phase, so settling and getting stable might take days. Several dip buyers have been happy about the possibility of making more gains, as they believe they got several high-performing tokens at a discounted price in this correction phase.
Throughout our foray into crypto spikes, we’ve observed that listing in a prime exchange somehow causes a temporary spike in prices, which can be further extended with a supportive community and massive marketing. The listing provides an exclusive privilege to securities in the stock exchange as only listed shares are quoted on the stock exchange. While the stock exchange facilitates transparency in listed securities transactions in perfect equality and competitive conditions, can we say the same for cryptocurrencies?
Please keep walking in the light by reading most of our recent research on what causes the variance in prices, particularly FOMO on Bitcoin, FOMO on Ethereum, NFT FOMO, and back editions of this roundup. If you want to understand the TLM price hike and where it’s going, you could connect the dots with current news on NFTs, DeFi, and blockchain gaming. Alien Worlds (TLM) is a decentralized, non-fungible token (NFT) metaverse, where players compete for scarce resources, Trilium (TLM), in a stimulated economy centered around planetary worlds.
Listing in a primary crypto exchange is beneficial to the company, to the investor, and the public at large is a rule of thumb, but FOMO could also drive the surge in prices. In the light of these connecting factors, would you consider price predictions an advantage to the public? Please tell us in your comments below.