TL;DR Breakdown
- The global crypto market is trying to steady itself, adding 1.45% in the last 24 hours.
- Bitcoin continues the upward trend, price value now above $37,500.
- Ethereum stabilizing as it moves forward after gaining 4.19% in the last 24 hours.
- Avalanche reports gains over 8.5%, Cardano follows the green-looking crypto market.
Since the start of the year 2022, the crypto market has been nothing less than a roller-coaster ride for everyone within the crypto space. After experiencing losses and hopelessness, the market is now showing new signs of life and crypto investors are hoping that the market will continue to see green in the coming days.
The global cryptocurrency market is getting right back on track as the crypto market capitalization added 1.45% over the last 24 hours to reach above the $1.71 trillion mark. While no one can guarantee whether the crypto market will continue to flourish, it is worth discussing what the situation is for some of the top cryptocurrencies.
Bitcoin on the rise again?
Being the leading cryptocurrency in the market, Bitcoin (BTC) experienced a lot of ups and downs in the last couple of weeks. The price value of Bitcoin was well above the $60,000 mark towards the end of the year 2021. However, at the time of writing, the price value of one Bitcoin stands at $37,658.
Source: CoinMarketCap
While we shouldn’t forget about the volatility of the crypto market, the question we need to ask here is : is Bitcoin on its way to reach its full potential? Bitcoin added 2.01% in the last 24 hours to rise above the $37,500 mark. Over the period of 7 days, the price value of BTC has increased by 9.15%.
It would be safe to say that the top cryptocurrency is currently doing well in the crypto market. The 24 hour trading volume for BTC is just above the $16.62 Billion mark. As the flag bearer of the crypto market steadies itself, Bitcoin’s market cap goes above $713 Billion.
Ethereum follows the upward trend.
Ethereum, the top altcoin in the crypto market, continues to follow Bitcoin as most of the top cryptocurrencies see green. The cryptocurrency is gaining momentum now and has reached above the $2,500 mark again.
Source: CoinMarketCap
After reporting 4.19% gains over the last 24 hours, the price value of ETH stands at $2,569 at the time of writing. It is evident that ETH is on the rise, just like BTC, as the cryptocurrency gained 8.56% over the last 7 days. The total market cap for Ethereum rose above the $306.6 Billion mark as well. Investors around the world are hoping that top cryptocurrencies, including BTC and ETH, will continue the upward trend and recover the losses incurred a couple of weeks ago.
Cardano tries to gain momentum, Avalanche is the clear winner.
Cardano, standing on the 6th spot, has managed to progress a little with the rest of the cryptocurrencies in the top ten list. Cardano, as the first crypto project to successfully implement the PoS consensus mechanism, is quickly making its name as the safest and the fastest blockchain network. As Cardano moves up in the crypto world, the cryptocurrency could reach new skies in 2022.
The price value of Cardano (ADA) is now $1.05 after gaining 2.15% in the last 24 hours. Cardano’s performance helped the market capitalization of the cryptocurrency rise above the $35 Billion mark.
While Avalanche (AVAX) still does not make the top ten cryptocurrencies list, the cryptocurrency has been reporting massive gains. AVAX gained as much as 8.53% in the last 24 hours, which helped the price value of the cryptocurrency to reach above the $70 mark.
It is worth noticing that Avalanche gained 22.30% over the last 7 days. We meant it when we said that Avalanche is the clear winner. AVAX’s market cap, all thanks to how well the cryptocurrency has been doing, reached above the $17 Billion mark.
One of the main reasons for Avalanche’s performance is that the platform offers cheap and almost instant transactions. While Avalanche continues to make the network even faster, there are so many new projects that are joining already.
For all the crypto investors out there, AVAX just might be the next big thing this year.
Conclusion
The crypto market is showing signs of improvement as many of the cryptocurrencies look to recover and gain momentum. However, the volatility of the crypto market makes it almost impossible for anyone to say for sure where the market is headed.
With hope for the bull run to continue, investors will be looking at how the crypto market shapes up in the coming days.
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