TL;DR Breakdown
- Bitcoin moves back up to $48k after dropping to a $46k price.
- Ethereum regains some ground after recovering back to $3,850.
- Solana displays a green chart after a 2.45% gain.
- The global crypto market cap displays a 0.61% increase since yesterday.
Once again, the prices of the top coins have gone up just a fraction after the harsh bearish run that the crypto market had been subject to. This increase, however, is nothing compared to the losses faced by the global market cap. After dropping billions and almost trillions of dollars in just fifteen days, the crypto market cap is now at $2,192,105,965,203.
Thanks to this market cap upsurge, the trading volume has seen a downfall of 11.49%. The global market cap and the global trading volume seem inversely proportional as when one rises, the other falls, and vice versa. The decrease in the trading volume is welcomed as it allows our major coins to pick up fallen pieces and regain their strength slowly but surely.
The desperate attempts to move back up the crypto market have been duly noted but can the top crypto tokens succeed in turning things around? It seems highly unlikely considering just how much the market has suffered, showing lows that currencies have not seen in some time make it difficult to make a full recovery. Let’s dive deeper into the slight influx in values.
Bitcoin shows a minuscule 0.77% value increase
Although Bitcoin has only tried to regain the bearish price it held three days prior, BTC’s value has gone up 0.77%. After dropping down to $46.5k yesterday, it has risen back up but not by a large margin. Investors are just happy not to see $45k twice in just fifteen days, but it would be a lie not to feel disappointed about the small influx.
Now, Bitcoin’s price is $48,265, while its market cap, after seeing a drop below $900B, has risen back up to $912,659,695,024 after a 1.07% increase. Although still going strong, its trading volume has dropped down to $30,246,336,219 after a 15.97% decrease. As of now, Bitcoin seems not to have $50k in its sights. Going up $2,000 is no easy feat, but Bitcoin can manage it with time. Investors hope Bitcoin picks up the pace and returns to its former glory before the new year comes about.
Ethereum and Solana show small uprisings
Ethereum has suffered from this bearish run harder than it has all year. It hasn’t dropped before $3.8k for months now, but yesterday, it had dropped down to $3,730. This efflux had investors intensely worried as it made things all the more difficult for Ether to regain its previous price of $4.5k. For now, Ethereum has shown a 0.74% price influx up to a $3,868 price. Its market cap rests at $459,241,280,315 after its trading volume dropped 34.95%.
On the other hand, Solana has been displaying more gains than any other in the top five cryptocurrencies. After showing nearly 2.50% in gains, Solana has brought its price back up to $164.11. It seems to have shown more gains than any other cryptocurrency on the market in the top five. It’s crypto market cap is $50,596,449,851 while its trading volume is $2,389,477,188.
Conclusion
Not many cryptocurrencies have made much progress today. The tiny bullish run has been of little help towards regaining lost values, but the price influxes are still welcome rather than effluxes. It seems that all hope for a bearish run before the new year has been lost as days go by without much progress. However, the holidays have yet to come, and maybe the cryptocurrency market will see an uprising after fifteen days of nothing but bearish runs.
