TL;DR Breakdown
- Bitcoin turns bearish, losing over $2,500 in value within a day.
- Ethereum plunges below $4,300, while DOT, VET, and MATIC shed gains.
- GALA, KP3R, and POLY record gains, while SXP targets the $3 mark.
The crypto market consists of thousands of various digital coins and tokens. The trillion-dollar market is home to big names like BTC, ETH, and BNB. The unpredictable market has crossed $3T in market capitalization. However, the market keeps on fluctuating from day to day.
The trading volume of Bitcoin is down to $39 billion, whereas it stands at a little over $22 billion for Ethereum. The trading volumes of Cardano, Polkadot, and the OMG Network have also struggled majorly over the last 24 hours.
However, Bitcoin must stay over the $60,000 support level. A bearish pattern may persist for longer if the coin crashes below the $60K mark. The recent dip might prove to be a healthy correction for Ethereum that can bounce to new all-time highs from the $4K mark.
The oldest and the most valuable crypto-token, Bitcoin is a major trendsetter in the market. Bitcoin went down by a considerable 4.21% on Tuesday. The rest of the market turned red as several tokens tested their support levels. On the other hand, Ethereum also fell by about 5.65%, and it is currently valued at around the $4,300 mark.
GALA approaches ATH, KP3R, POLY, and SXP among top performers
Despite a bleeding market, a few coins enjoyed bull runs. GALA experienced a surge of over 18%, achieving a high of $0.144, which was just shy of its ATH of $0.146. Despite going a little down in the last few hours, the coin can experience another upsurge. It could lead the coin to form a new ATH. The market cap of GALA stands at $860 million, and its 24h trading volume has also gone up by a significant margin.
The Keep3rV1 (KP3R) token also performed exceptionally well. The newly introduced coin went by around 10% to touch $1,798. Its ATH sits at $2,038, achieved on November 13. KP3R has had its fair share of spotlight since hitting the market. It has made considerable upsurges in terms of valuation, trading volume, and market cap.
POLY up by 14.80% outperforming its competitors
POLY went up by about 14.80%, crossing the $0.80 mark. The token is also nearing its ATH and can outperform its competitors if it bounces from a local correction. The SXP token also experienced a much-needed breakout. It appears to be moving past the $3 mark. With an increased market cap and a whopping 24h trading volume, SXP looks all set to record more gains.
The global cryptocurrency market cap is down by 11.15% due to the prevalent bearish trend and stands at $2.56 trillion. The recent bearish trend has triggered this decrease in the market cap, and upon the completion of this correction phase, these figures might witness a sharp increase.
What’s on the horizon?
Meanwhile, on the horizon lies Project Dunbar bringing together the Reserve Bank of Australia, Central Bank of Malaysia, Monetary Authority of Singapore, and South African Reserve Bank with the Bank for International Settlements Innovation Hub. The immediate goal is to test the use of central bank digital currencies (CBDCs) for international settlements. The project hopes to probe the development of technical prototypes using distributed ledger technologies of Corda and Quorum.
What are the impending consequences of the banding together of CBDC-led banks on altcoins? Please tell us in your comments below.
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