- The Global Crypto market cap rose 0.72% over the last 24 hours.
- Bitcoin continues to suffer, the price goes down by 1.50%.
- Ethereum trades in the red, showing no sign of reaching the $4,000 mark again.
- Terra fell by 5.19%, while Fantom reported massive gains of 14.94% in the previous 24 hours.
Even though many top cryptocurrencies have been seeing red over the last 24 hours, to our surprise, the global crypto market capitalization actually went up to $2.24 trillion. This indicates a 0.72% increase in the last 24 hours.
It is worth noting that the crypto market has been on the downward trend for quite a while now, ever since the start of the new year. While investors were hopeful that Bitcoin would bring good news today, the world’s largest cryptocurrency observed its 13th birthday on a dull note as it reported losses in price value.
The spread of the new COVID-19 Omicron variant has caused global traders to stay away from the crypto market. Surrounded by Omicron fear, the global traders look to invest in more stable and safer assets instead. On the other hand, with institutional activity picking up and adopting crypto, some investors remain hopeful that the crypto market will continue to flourish.
Bitcoin in red, falls below $47,000
It is true that Bitcoin remains the biggest cryptocurrency by market price, and it has surprised everyone many times, but will we see the price of Bitcoin rising again anytime soon? It would be safe to say that Bitcoin’s birthday did not go as everyone had thought it would. A continuing downtrend could result in a major crash for Bitcoin in the near future.
As the nature of finance evolves with the crypto markets, investors and institutions look to facilitate adjusting the changes in the modes of transaction. This could very well present new opportunities in the crypto space, and Bitcoin, the leading cryptocurrency, might get the push it needs.
As many as 8 out of the top 10 cryptocurrencies lost their values over the last 24 hours. Bitcoin had reached the $51,000 mark just weeks ago. However, data shows that the price of one unit of Bitcoin went down by 1.50%, as it stands at $46,574 at the time of writing this article. What’s worrying the investors more is that the price of Bitcoin has been down by 5.55% over the last 7 days.
Ethereum shows no signs of improvement
Ethereum, second only to Bitcoin, is one of the most well-known cryptocurrencies around the world and its blockchain platform facilitates hundreds of blockchain protocols. It is clear that Ethereum plays a pivotal role in the crypto industry. However, the cryptocurrency has failed to impress anyone lately, failing to meet the expectations of both crypto enthusiasts and analysts.
The top altcoin did not report any major losses over the last 24 hours, but the reported data shows that the cryptocurrency fell by 2.66% over the last 7 days. The price value of one Ethereum token hovers around $3,820. While the price value of the cryptocurrency fell by only 0.16% over the last 24 hours, the market cap of 119,020,364 ETH tokens remains below $455 Billion. The 24-hour trading volume of Ethereum stays over $13 Billion.
Terra LUNA joins ETH and BTC.
Terra is a well-known open-source blockchain platform for stablecoins that are backed by traditional fiat currencies. The platform’s native currency, LUNA, while playing an extremely important role in the rise of the Terra blockchain, failed to perform well in the crypto market.
LUNA quickly made its way into the top 10 cryptocurrencies and currently holds its position at the number 9 spot, just above Polkadot. It’s sad to see the drop in price value of Terra LUNA, especially because the cryptocurrency had been doing so well not so long ago.
The cryptocurrency depreciated by 5.19%, and the price value went as low as $88.32. Just like the majority of cryptocurrencies in the top 10 list, LUNA suffered in the last 24 hours. The market cap of Terra LUNA tokens fell below $32 Billion.
Fantom reaches $2.96, continues to see green
Fantom is a new yet highly successful and scalable blockchain platform for enterprise applications, DeFi, and decentralized apps. The native cryptocurrency of the platform, FTM, has become one of the top gainers in the crypto market, surprising many.
As the data shows, the price of FTM increased by 31.46% over the last 7 days. Almost half of the price value increase came in the previous 24-hour period, when the price jumped by 14.94%, reaching $2.96. The market cap for Fantom is now over $7.5 Billion, and its 24-hour trading volume has also crossed the $2 Billion mark.
Source : CoinMarketCap
The cryptocurrency has made significant progress and continues to attract crypto investors and traders. Taking into account the market movements, many believe that the future of FTM looks bright.
While most of the top cryptocurrencies are in red, some coins have unexpectedly performed well. At such uncertain times, when the crypto market is showing mixed results, no one can be sure of what is coming next.
It is still only the start of this year, and the crypto market might take off within the next few days. While some investors and traders in the crypto space wait for the crypto markets to gain momentum, data shows that the global crypto volume rose significantly over the last 24 hours as many sold their crypto assets.