- Global market cap reaches $2.40T, after gains amounting to 10.38%.
- Bitcoin adds 8.06% gains in the recent leap.
- Ethereum and Binance Coin add 10.62%, 7.91% to their bulk, respectively.
- Synex Coin adds 4124.00%, while TTOKEN loses 90.50% in the last 24 hours.
The market looks bullish after the recent recession. The last two days have brought much good news for the crypto market, revitalizing a recessive market. The leading private bank in India, Kotak, has announced that it will be opening its doors to crypto trading. Another addition is Colombia’s Bancolombia which will be offering crypto services to a limited number of customers in the opening phase.
Even though there have been some changes on the global level, the crypto market seems unaffected. There are reports that there are preparations ongoing in India about the ‘Crypto Bill.’ This bill will give police the right to arrest a person without a warrant which is truly worrying for investors from India.
Crypto is becoming more accessible as there are changes in various states legalizing crypto trading. This change will make the trading process safer and reliable for citizens of these countries. El Salvador is the leading name in this regard. Though its economy seems to be affected, it has injected its capital into Bitcoin, which also helped with the recent surge.
BTC skyrockets to $51K, knowing no bounds
The recent recovery of bitcoin has strengthened it to challenge its recent highs. In the last 24 hours, it has gained about 8.06%, which indicates that it has higher aims this time. The recent free-fall of the crypto market had worried many investors, but there is a sense of satisfaction witnessed after the reversal of bad times.
The recent updates about Bitcoin show fewer chances of Santa Rally for it. The recent bitcoin bonds project for El Salvador’s Bitcoin City proved to be crucial for its health, and it is likely to show returns for it. The more its price surges, the more El Salvador’s returns will be added. Comparing its current surge of 8.06% to the seven-day 10.26% shows its recovering speed. It has moved from the $48K range to the $51.3K range, which shows the huge addition of $3K in the last 24 hours.
The current market cap for bitcoin is about $971,104,570,908. Its trading volume at the time of writing is $35,804,247,097. If we convert this amount to BTC, we get 696,609 BTC.
Ethereum has added another update to its system. It is seen soon after the recent bullishness in the market, which raised Ethereum from the previous lows. This update is named Arrow Glacier and was added after Altair in October.
The current price of Ethereum is in the $4.39K range, which has seen a growth of 10.62% in the last 24 hours. If the same pace continues, it is expected to cross the $4.5K range. The past seven days were comparatively bad for it, during which it did shed 2.79%. The current revitalization from the previous recession might take to new heights, as seen in the current stats.
Its current market cap is recorded to be $522,898,128,524 at the time of writing. If we look at the market cap for Ethereum, it is $26,234,778,710. This amount equals 5,952,406 ETH.
Binance Coin’s recent comeback seems tremendous, as seen in the stats. It has gained 7.91% in the last 24 hours, which is better than 5.34%, which it lost to the recent recession in the market. Its current market cap is recorded to be $98,192,939,977. If we look at its trading volume, it is estimated to be $2,860,272,664. If we convert its trading volume to BNB, we get 4,858,769 BNB.
Top gainer and loser
During the last 24 hours, the top gainer was Synex Coin, which added 2796.55% gains beating all other tokens. Its current price is estimated to be $0.096, while it ranks 3720 in the global crypto market. Its trading volume is estimated to be $335,585. The gains it has shown are gigantic regarding the time it has taken.
During the last 24 hours, the top loser was TTOKEN that lost 90.50% in the last 24 hours. This depreciation has brought its price to $0.0000002766. Its volume has also been affected and is estimated to be $97,289.
The recent developments in the crypto market discard the doubts expressed during the recent recession. Though it was blamed for an uncertain future and no firm foundation, the recent surges show that it can be relied on as a stable system that can revitalize itself. Despite the odds, the way the crypto market revitalized has shown potential and investor trust.
The recent developments are mainly the result of the belief that the market is recovering and will add to investors’ profits. Surge is the response to Omicron losses, which resulted from the belief that the market might crash due to a new virus variant.
Bandwagon bias results when investors follow the herd or do what most people do, disregarding personal beliefs.Cryptopolitan analyst
The common reaction among traders is FOMO or panic selling a cryptocurrency based on crowd behavior. One can overcome this bias by creating a clear framework to analyze investments — only following the crowd if the investment makes sense.
The recent changes are reflective of how this bias has impacted the market. A widely known statistic shows that 90% of traders are not successful: 80% lose money; 10% usually break even; only 10% percent can expect to generate returns from the price action in the markets. But probably, of greater interest would be which is better, stocks or crypto trading?