- Global crypto market cap sees a recession of 4.29%, managing to raise itself to $2.31T.
- Bitcoin prices continue to linger around $49.5k, a 6.13% decrease from its high of $57k.
- Ethereum, the only gainer among the top 5, raises prices back $4.15k
- Terra (LUNA) and Unus Sed Leo (LEO) top the short gainers’ list with 22.37% and 11.27%, respectively.
After the recent efflux that has shaken the crypto market to its core, it seems that some currencies are trying to pick up their fallen pieces while others have been continuing to suffer. Thanks to this sudden deprecation in price values of all crypto tokens, the global market has not been able to recover much from yesterday’s low of $2.18T.
The crypto market will be talking about this downpour of value dips for a while, as most of our top currencies show little signs of recovery from the major blow. We anticipate that this bearish run will at least take a while, considering all the past bearish runs that have similarly lasted almost a month with fluctuations going up and down.
Investors are to check for price increments, given the circumstances continuously, and must keep looking for their respective tokens. While the trading volumes of the tokens are still on the up and up, the trading run has decreased significantly, and now, it is a matter of waiting for prices to fluctuate upwards once more.
Bitcoin’s chances of recovery, slim?
Bitcoin has always been the reigning king of the crypto market, always trading at high prices and highly sought after by most people. Yet now, when it is most necessary to pick its pieces back up, BTC has not shown supremacy in recovering as much as some altcoins. The crypto market picks back up, which is a cause for worry.
While Bitcoin is certainly far better off than yesterday’s low of $45,500 price range, investors certainly hope our top currency can regain its upward momentum with time. For now, the BTC token value rests at $49,325. It is in the best interests of investors for the prices to jump back up rather than continue their way down.
Bitcoin’s global market cap has not yet recovered back to its trillion-dollar cap, but it is at a more suitable $932.04B than yesterday’s worrisome low of around $840B. It continues to trade at $62.18B trading volume per day.
Ethereum, the only gainer of the top five
Once again, Ethereum has shown resilience and superiority over other coins by making the first leap back to its original price. While it had been lingering around $3.9k yesterday, today, it has made a significant improvement by moving back above the $4,000 price value.
While Bitcoin stays below the $50k line, Ethereum has been advancing higher than the rest, after a 2.92% increase in value. It now trades at $4,175. Its trading volume is at $38.83B per twenty-four hours, and its market cap, seeing a 2.63% increase, has raised back to $494.63B.
LUNA and LEO, the highest gainers in the Top 50
Terra (LUNA) has shown the immense capability to withstand even the harshest conditions due partly to the momentum it has gained for the past year. After dominating the crypto market gainers’ chart for the past few days, LUNA has recorded the highest gains that not even GALA could keep up. LUNA was one of the exceptions that were capped in green yesterday and the only one that observed a record high as it recovered much better than other coins yesterday.
As of yet, it stands alone at the top of the gainers’ list with LEO, two of the few green charts that have withstood the pressure of the bearish run. Still recording a 22.39% price increase, LUNA trades at $72.63, while LEO, an iFinex utility token, has recovered 11.67% value up to $3.67 price.
The bearish run brought up by yesterday’s sudden prices effluxes has been showing signs of slowing down as tokens like ETH and LUNA try to recover lost ground. The past bearish runs have always lasted even with monthly price fluctuations, followed by two to three months of bullish runs.
We can only wait and see how things unfold and continue to hope that the bearish streak comes to an end very soon and another bullish run takes us over in the long run.