- Global market cap lunges to $2.28T, shedding 0.99%, probably preparing for new heights.
- Bitcoin is still red due to the effects of liquidation, lingering in the $48.8K range.
- Ethereum gains momentum after a prolonged dip, adding 0.42%.
- Algorand, the only upstart among leading ones, shows significant gains.
The impacts of the virus, the uncertain future of crypto in India, and the fear of loss have added to the difficulties of the crypto market. Days have passed since there has been variation in the market and a depreciation in the case of global market cap and leading currencies. What makes this case hopeful is the ending month of December and the previous performance of the crypto market.
Analysts believe that this lag is temporary, and the global crypto market will recover sooner than expected. Bitcoin delivered positive returns during the previous years, which can repeat this year. For this reason, experts hope for recovery for the overall market. Other coins like Binance USD, Polygon MATIC, Algorand, etc., are performing better and show the signs of good days coming.
BTC flexes for the great comeback?
The last 24 hours have been considerably better for Bitcoin, adding 0.14%. Though a small improvement in normal days, a great comeback looms on the horizon this time. Bitcoin has a pattern of rising in December, and this pattern hopefully will save Bitcoin from further depreciation.
BTC has shed value amounting to 15.14% during the last seven days. As per the previous roundups, the Crypto King had even lingered in the lows of the $45.5K range. This improvement shows the chances of gaining momentum in the upcoming days. Due to the changes in the market, its market cap has been forced to $927,325,126,362.
In the last seven days, the most shocking dip was to the $45.5K range, from which it has fortunately recovered. During the last 24 hours, its volume has been $36,468,550,172, which equals 742,797 BTC.
ETH ready to roar back?
Ethereum, like yesterday, has maintained its supremacy in being the lead gainer amongst the top five. The last 24 hours have been fortunate to add 0.42% to its value compared to Bitcoin, which added 0.14%.
Currently, Ethereum is lingering in the $4.14K range, but the gains might be a sign of upcoming improvements. Though the past seven days proved a test for this coin (where the shed was 4.29%), its performance showed improvements in the last two days. ETH’s current market cap is $483,956,985,825.
Likewise, the improvement in value has led to stability in the volume, which improved to $25,048,757,709. If we translate its volume to ETH coins, we get 6,015,410 ETH. The circulating supply recorded for Ethereum at writing was 118,622,791 ETH.
It had previously moved below the $4K range, and the recent developments have put it back on track.
BNB lingers in the back-alleys
Binance Coin (BNB) is still on the lagging list. Even though it has led the recuperation drives previously, BNB still hasn’t recovered from the effects of recent changes in the market. Its current value is in the $549 range, which means this coin still needs to add to reach its previously achieved $600 range.
The previous week proved especially testing for Binance Coin when it shed an estimated value of about 10.39%. This testing time had a significant impact on the prices of this token. After losing 2.55% in the last 24 hours, BNB still needs to lower the depreciation to join the race.
The recent changes have also impacted Binance Coin’s market cap, estimated to be $91,672,907,582. The current volume for this token is $2,374,469,398, estimated to be 4,320,406 BNB.
ALGO likely to rise
Algorand (ALGO), currently ranking 18th on the list, shows the likely signs of progress. The 24 hour and seven-day stats for this coin show that it is gaining significantly during the depressing hours. Its current price is in the $1.81 range, which shows the impact of a 9.24% improvement in ALGO’s value.
ALGO has bagged 5.32% in addition to its value in the last seven days, which means it might also perform better in the upcoming days. It is evident from the investor trust in this coin.
The current market cap for this coin is $11,373,402,010. The improvement impacts are also visible from its volume for the last 24 hours, which is $824,188,153, estimated to be 455,870,084 ALGO.
Crypto investors have been hoping to see the end of the bearish period of the crypto market for the past two weeks. The starting days of December didn’t show significant changes, but there has been improvement in the last couple of days. There are chances of returning bullish tendency in the market as seen in the previous December months. This hope of improvement that Bitcoin and Ethereum have begun to work on their momentum.
We remembered a similar Bitcoin dip in 2019. The Hyperwave Theory predicted the collapse of Bitcoin in the short term but huge success to come to it in the long run. Survivalism is a staunch supporter of this theory and tweeted recently that traders must mark the current status of Bitcoin because if it were to exceed that value and gain the golden cross, that could be the end of the bear market.
Back in those days, Bloomberg tooted digital currencies were wildly overpriced, and the Relative Strength of Bitcoin indicates that it has reached the limits in the overpriced territory. Here we are, two years hence, and $5,450 from 2019 has multiplied ten-fold.
Even though the market still suffers from the losses made in the previous weeks, crypto market trading will improve. We can only wait patiently and see how much customers trust their instincts this time and pour their capital into their gut feelings. There are odds in this development, but they will be more sooner than later.
Take a peek at Nasdaq to see that the market direction is obvious:
Those who cannot remember the past are condemned to repeat it.George Santayana, The Life of Reason, 1905
Do you think this aphorism applies to cryptocurrency dips and surges as well? Please tell us in your comments below.