- The global crypto market cap rises by 1.42% up to $2.24T.
- Bitcoin makes a slight upsurge of $750 after a 1.60% gain.
- Ethereum tries to pull itself out of the $3,700 sandpit with a 0.30% gain.
- Gnosis (GNO) and Algorand (ALGO) see rising prices up to 31.47% and 18.69% gains.
It looks like most of the investors’ hopes are down. With only two days left until 1st January, we’re seeing the most minuscule of influxes ever for our top ten cryptocurrencies. Aside from Cardano, Terra, and Polkadot, we’re seeing no other green charts among the top ten. Cardano is barely holding onto its green chart status with 0.55% gains through the week, but LUNA and DOT seem to be trying to stabilize themselves on their feet.
As for the global crypto market, it’s back to where it started two weeks ago but seems to be taking baby steps up the ladder. After reaching $2.17T last night, the market cap has been trying desperately to claw its way back up the crypto market. After a 1.42% gain, the global market cap has risen to $2,232,873,646,340 in twenty-four hours. It is not as great a gain as one might’ve hoped for, but it’s something. Investors are lucky to be beginning to gain rather than lose even more value. As the new year approaches, it doesn’t seem like the crypto market can handle any more losses if it wants to enter 2022 with its head held high.
Bitcoin and Ethereum hop back of fluctuations express.
Even though Bitcoin and Ethereum are at the top of the crypto market, it doesn’t mean that they can’t suffer as much as the other cryptocurrencies. This whole month has been proof that Bitcoin and Ethereum suffer more from the bearish market than any other cryptocurrency. The global market dominance of the top two coins is 60% of the entire crypto market, which means that more than half the crypto market’s performance depends on BTC and ETH.
If Bitcoin and Ethereum lose value, then 60% of the crypto market suffers; if Bitcoin and Ethereum gain value, 60% of the crypto market flourishes effortlessly. Everything rides on these two top currencies at this point. With strong influencers like Elon Musk, Mark Cuban, Cathie Wood, etc., running along behind Bitcoin, there is no telling how badly the crypto market will suffer if Bitcoin and Ethereum continue to lose value. As such, Bitcoin’s price has risen by a minuscular 1.60% increase up to $46,555. Thanks to this market value upsurge, Bitcoin’s market cap has been increased over the $900B mark as well, up to $900,736,159,024.
As for Ethereum, the top altcoin has seen its fair share of suffering in the past month. Ethereum has always led people’s hopes in the crypto market, considering its blockchain base, but ETH has been suffering as much as ever before. Half the crypto market’s tokens depend on the Ethereum blockchain. Showing as low as a value of $3,615 last night, Ethereum has been trying desperately to crawl out of the hole it’s fallen in. ETH trades at $3,735 now, a 0.09% increase since yesterday, which isn’t saying much. However, progress is still progress and should be encouraged.
GNO and ALGO prices flourish with minor bullish runs
Gnosis is a decentralized prediction market created on Ethereum’s protocol and has been active since 2015. Third-party developers can also put forth their services on the market. Gnosis has been steadily picking up momentum and has fought its way up the ranks, reaching a $1,005,102,496 market cap. After gaining 31.47% in the last twenty-four hours, its price has risen to $540.87, on par with Binance Coin.
Algorand, a beloved cryptocurrency among the top 20 tokens, is second on the gainers’ list. Algorand has always prided itself in being an autonomous, decentralized, blockchain-based network that offers a variety of applications. After gaining 17.93% value, Algorand has raised its price to $1.67, similarly carrying its market cap up to $10,626,576,967.
The crypto market is as unstable as it ever has been before. We cannot tell what will come next, but it seems that we will end 2021 on the wrong foot. The fluctuations in the crypto market lead us to think, will 2022 be a better year for crypto? Will more people join the crypto world and help it flourish? Or will it deteriorate fast without a fight? Only time will bring the answer to this question.