TL;DR Breakdown
- The global crypto market cap falls to $1.72T after a 9.50% fall in 24 hours.
- Bitcoin stays around $41,500 after a healthy week.
- Ethereum stays over the crucial $3K mark.
- Cardano’s ADA slightly loses shape after consolidating over the last day.
The list of gainers and losers continues to swing forth and back in the crypto industry. It is not only the popular coins that make the cut for making these lists. Being a saturated market, the crypto industry always comes up with new names to shock its consumers. This fluctuating nature of the market has attracted several traders and investors to explore new methods of earning profits. Also, the nature of the coins also differs in terms of their fundamentals. There are meme coins, gaming, and metaverse coins, along with several other types.
The cryptocurrency market had a much-needed break over the last week. Several coins including Bitcoin recorded significant gains to fight against a persistent regressive phase of the market in the last few weeks. However, despite this relief in prices, the market cap of the sector has degraded severely to touch $1.72T.
Bitcoin stays put at $41,500
Bitcoin is always the center of attention when we analyze the cryptocurrency market. Its performance is critical for the rest of the market, as it indicates new trend lines. In the last 24 hours of trading, Bitcoin has managed to stay above the $41,500 mark. This came at a time when the global crypto market cap shrunk, and several other coins consolidated.
Also, Bitcoin has already gained over 9% over the last week. The leading crypto token is trading at over $45,550 at the moment. Moreover, the market cap of bitcoin has also progressed to over $784 billion. The 24-hour trading volume of bitcoin is just below $18 billion. The dominance of Bitcoin over the crypto market is at 41.8%.
Source: TradingView
ETH moves past $3K after a healthy week
Ethereum received hits and blows since the start of this year. The coin previously lost a significant portion of its valuation. Its price was slashed in half from its all-time high value, close to the $5K mark. Being the head of altcoins, Ethereum is always eyed upon for its performance in the digital asset industry.
In the last 24 hours of trading, the price of ETH has not moved much. It has lost only around 0.15% and is currently priced at around $3,015. However, the coin has gained over 16.70% to move up from the lows of around $2,600. The market cap of the coin is over $358 billion, and its daily trading volume is around $11.66 billion.
Source: TradingView
The altcoin market shows glimpses of mixed trends
The last seven days of the crypto market provided groundbreaking support for altcoins. However, there are several coins that posted red candles on the daily mark. Cardano’s ADA has lost around 2.20% to drop at $1.12. However, despite the slight recent dip, ADA is still 4.70% ahead of its last week’s price. The market cap and trading volume of the coin are also at respectable levels. Both of them stand at $37.46 billion and $1.27 billion, respectively.
Source: TradingView
Moreover, Ethereum-killer SOL and LUNA have also shed around 2% from their previous day value. Both of them gained in double-digit figure percentages in the last 7 days. Apart from these two, DOT and AVAX were also bleeding over the last 24 hours. UNUS SED LEO was also seen posting red candles. After gaining over 40%, the coin shed one-fifth of its gains. KLAY and MIOTA lost over 3% in the meantime.
GALA and AXS steal the show with their outstanding performances
In a less fluctuating market, gaming and metaverse tokens performed significantly well. The hype around metaverse tokens is not going out anytime soon. These tokens have enjoyed a fair reputation in the market. Also, their recent performances have helped investors in accumulating high margin profits.
The top gainer of the crypto market was GALA in the last 24 hours. The coin gained around 43% during the last day to reach a high of over $0.33. The coin has continued with its exceptional form from the start of the week. In total, GALA has gained around 63% in the last 7 days.
The market cap of the coin has also moved upwards to touch $229 billion. Whereas GALA’s trading volume is peaking at $2.37 billion. Its trading volume is one of the most significant ones in the market. At the time of writing, GALA is at $0.33.
Source: TradingView
Apart from GALA, Axie Infinity (AXS) has also gained in doble-figure percentages. The coin is above $60 after gaining about 13%. Its weekly price gain is at 17%. In addition to AXS, SAND has also gained around 6% in the last 24 hours. Other performers of the market include BCH and HNT. Both of these coins gained over 5% in their values.
Final Thoughts!
The cryptocurrency market is closing the weekly candles in a much better position than last week. Several coins have experienced a wave of relief that might help them to move upwards in the coming days. However, the declining market cap of the sector indicates that cash is also flowing out of the industry. This might lead to a loss in momentum for the market.
Also, the investors might not be able to risk their portfolios and pull out their investments in fear of a severe market crash. Thus, the next week will prove to be immensely crucial for the market to have a clear indication of what to expect in the coming days.
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