TL;DR Breakdown
- Bitcoin tries to make a move forward, inches closer to the $36K mark.
- Ethereum rises to $2,500 after gaining 1.75%.
- Shiba Inu gains over 10%, Terra and Pancake Swap also mark positive results.
- Kusama and Maker stay red in a green-looking market.
With the increase in the popularity of the concept of digital currencies, the crypto market has risen in the charts of popularity. The global expansion of the market has seen the concept gaining a wider global adoption. Several countries are now pursuing cryptocurrencies, like Bitcoin on a state level.
Cryptocurrencies have more comprehensive usability, as they are used as a mode of payment and transaction and a popular investment asset. People indulge in crypto trading, investing, mining, and staking to earn rewards and profits.
The rise of crypto has provided a new earning opportunity for people. This is why people from developing countries are adopting crypto trading to combat unemployment and poverty in their regions. Therefore, the developing world is growing fond of the concept. However, it is not that simple in the market. The market volatility has ensured major ups and downs in the crypto sector. People have lost millions in liquidations in various market dips.
Bitcoin tries to form a reversal, lacks momentum
Bitcoin has suffered from a major bearish pattern since the last few weeks. The coin peaked at $69,000 towards the end of last year. However, ever since then, it has been shedding its gains. In only this week, the coin has dropped drastically. From over $42,500, BTC dropped below $35K. Nevertheless, the leading crypto token has tried to move forward in the last 12 hours. At the time of writing, BTC is a little under $36,000.
Source: TradingView
Bitcoin has moved up by a marginal 1.10%, but it is still better than its performance of the past few days. BTC is still almost 17% down in its weekly price change. Bitcoin’s market cap stands at over $678 billion. Its 24h trading volume is around $30.65 billion. With over 18,937,000 BTC tokens in circulation, the flag bearer of the crypto market looks to assert its dominance in the market and form a recovering pattern.
ETH moves past $2,500 but remains under high pressure
Ethereum has a colossal cryptocurrency community under its banner, as it stands as the #2 crypto token of the market. However, the high-flying crypto token suffered majorly in the last few days. The coin has shed over 25% in the last week or so. Also, the coin slid to a concerning point of around $2,300 in the last 24 hours.
Nonetheless, the coin has managed to progress a little towards the end of the weekend. ETH has managed to leap forwards and move past the $2,500 level. The leading altcoin has followed the price trend of Bitcoin as both of their graphs paint a pretty similar image. However, ETH’s market cap has decreased to go below $300 billion. Its trading volume is at $20.58 billion.
Source: TradingView
SHIB gains in double-figure percentages, LUNA and CAKE also post green figures
The market has looked to recover in the last 24 hours of trading. Many altcoins have managed to avoid further losses, at least. But on the other hand, a few coins progressed to regain some of their lost values. Most prominently, SHIB gained almost 11.80% to reach the value of $0.00002180. The coin suffered severe losses in the recent dip. Thus, this little move upwards will provide a much-needed break for the coin.
Source: TradingView
SHIB is still down by over 28% in the market. However, positive sentiment is building around the coin. The market cap of the popular meme coin has risen to over $11.92 billion, and its 24h trading volume is above $2.14 billion.
On the other hand, Terra (LUNA) and Avalanche (AVAX) have also posted some gains in the late trading hours. LUNA has progressed by over 7% to cross the $67.40. On the other hand, AVAX has gained 7.50% to move past $63. Both of these coins are currently at the same price level. However, they both peaked by crossing the $100 mark not too long ago. They were recovering from their losses last week.
KSM and MKR fails to recover in a slightly progressing market
The overall market is slowly and gradually progressing after a bloodbath in the last few days. These coins are trying to end the week positively, so the next week reaps in more profits for the tokens. However, KSM and MKR have failed to recover majorly even during these hours. They have not posted major losses, but their stagnant value indicates a sheer lack of momentum.
KSM has lost less than 1% to linger around the $187 mark. The coin is placed at #58 in the top cryptocurrencies in the market cap. However, the coin has lost over 32% in the last 7 days. This is why investors and traders are reluctant to invest mainly in KSM. The coin’s market cap is over $1.43 billion, whereas its trading volume is just under $76 million.
Source: TradingView
On the other hand, MKR has shed only 1.30%, but it cannot form a recovery pattern in these positive trading hours. MKR is valued at $1,843 and has lost over 17.60% since last week. If the coin persists at its current price, investors might think to pull out their investments, leading to a further dip in its prices.
Apart from these two coins, the rest of the market is looking positive. However, coins like UNI, TRX, NEAR, and BCH have also shown price movements in the last 24 hours of trading. The lack of momentum in these coins is a concerning factor for the investing community.
Final Thoughts!
The slightly recovering prices of the crypto market are a positive indication. However, there is still a lot of uncertainty in the market. If the market continues to progress, it might form a trend reversal to make bull runs. The start of the next week will paint a clearer image of the overall market.
[the_ad_placement id=”writers”]
