- The Global Crypto Market capitalisation recovers slightly as most of the big cryptocurrencies trade in green.
- Bitcoin takes another step forward, goes above the $38,000 mark.
- Ethereum rises above $2,600 after gaining 2.75% in the last 24 hours.
- Terra continues its downward trend in a green-looking crypto market.
- Solana stays red, losing more than 5% of its value in the last 7 days.
It has been a pretty good couple of days for the global crypto market. Many of the top cryptocurrencies are trading in green, which helped the global crypto market cap to gain 1.55% in the last 24 hours and rise above the $1.73 Trillion mark.
However, in the year 2022, the crypto market did not get the start everyone had hoped for. The market is still in its recovery phase and many crypto projects are looking to stabilize themselves. With an increase in the rate of adoption of cryptocurrencies around the world, many new exciting crypto projects and some of the top cryptocurrencies increase in popularity.
It is worth noting that in the last 24 hours, the global crypto trading volume skyrocketed to reach new heights, which came as a surprise. As the global crypto market continues to move forward, this could be a sign that investors fear another bearish run to follow. No matter how, most of the top cryptocurrencies are still on their way up.
Bitcoin marches onwards and upwards
As the front runner of the crypto market, Bitcoin (BTC) leads the recovery phase. It is important not to forget that the price value of Bitcoin has experienced nearly a 50% drop since the cryptocurrency reached its all time high of $68,000 towards the end of 2021. At the time of writing, the price value of one BTC hovers just above the $38,000 mark.
The crypto market is known for its volatility, and when it comes to the most popular cryptocurrency around the world, ups and downs like these are becoming normal. Many crypto enthusiasts are still hopeful that Bitcoin will exceed the $100,000 mark at some point in time.
Bitcoin, while still recovering, gained 0.91% in the last 24 hours. However, we shouldn’t ignore the gains made by the cryptocurrency this week. The price value increased by 6.65% in the last 7 days to bring a new hope for the investors around the world. While the 24 hour trading volume of Bitcoin is around $17.5 Billion, the surge in price value helped the cryptocurrency’s market capitalization to reach above $721 Billion.
Ethereum looks to strengthen its position above the $2,600 mark.
Many investors and crypto enthusiasts believe that Ethereum is a good investment because of its long term growth potential. The crypto project supports smart contracts and facilitates the development of decentralized apps (dApps). Ethereum is the closest to the market leader Bitcoin, and sometimes ETH is also referred to as the biggest and the most popular altcoin.
ETH gained 2.75% in the last 24 hours to trade at $2,621. Another day and another step forward for Ethereum. The surge in price helped the market cap of Ethereum to rise above $312.8 Billion. While the price value of ETH is nowhere near its all time high, the cryptocurrency is expected to keep on with the path to recovery as it tries to make up for the losses, just like Bitcoin.
Terra reports losses, trading in red.
Terra LUNA was amongst the biggest gainers in the crypto market a couple of weeks ago. While the cryptocurrency manages to stay in the top ten cryptocurrencies list, Terra has lost 26.16% of its value over the last 7 days.
It is true that Terra LUNA is still struggling, but if the crypto market has shown us anything it is that there is always hope. After reporting a drop in value of 4.15% in the last 24 hours, Terra is trading at $50.26 at the time of writing. Terra’s market cap floats just above the $20 Billion mark and the 24 hour trading volume above $1.7 Billion.
Since it’s all-time high of $103, Terra LUNA has now lost more than 50% of its value. As of now, there is no evidence that suggests whether Terra will form a recovering pattern like the rest of the top cryptocurrencies.
Solana on the downward trend.
Solana (SOL) had become one of the hottest cryptocurrencies last year. Solana was considered to be the biggest “Ethereum killer” in the crypto market when it soared high to reach its all time high of $260 in November 2021. However, Solana started to shed its gains since then. The cryptocurrency lost 5.72% of its value over the last 7 days. Safe to say that this has not been a good week for Solana.
After losing 0.26% of its value in the last 24 hours, SOL is trading at $96.14 at the time of writing. The drop in price value of SOL led to the market cap of the cryptocurrency going below the $30.3 Billion mark. SOL is currently making no efforts for a revival. The overall bullish run of the crypto market and the upward trend of most of the top cryptocurrencies does not seem to influence Solana.
Even though the start to 2022 did not go well for the crypto market, it is starting to look like that this is the year where we will not be able to say that crypto is not mainstream anymore. As the crypto market is in the recovery phase, many of the people investing in crypto assets are buying with hopes to generate massive returns.
Last year, many high-profile personalities and businesses around the world backed cryptocurrencies which helped further improve the rate of adoption. The crypto market has already experienced extraordinary swings this year and it is only time for the first month to end.