TL;DR Breakdown
- The market cap of the crypto sector increased by 0.46% to cross $1.72 trillion.
- Bitcoin closes the gap with $38,000 after staging a recovery throughout this week.
- Ethereum stays above $2,550, following Bitcoin’s price recovering trajectory.
- The SandBox and Decentraland gain considerably as gaming tokens receive a break.
- Helium loses, followed by Cosmos and Fantom.
Digital coins and tokens are becoming an increasingly relevant investment class throughout the world. Several cryptocurrencies are now widely used for trading and investing. Also, crypto is emerging as a potential replacement for fiat currency in the conventional global economic structure.
The global crypto market is a trillion-dollar industry. At one point last year, it was worth over $3 trillion. However, with the dip in the market prices, the global crypto market cap has shrunk below $2 trillion. It currently stands at around $1.72 trillion. The overall crypto market maintained a positive sentiment throughout this week, as most of the tokens are now ending their week on green candles.
BTC gains 7% over the week to narrow its gap with $38,000
The recent market dump enforced a major price crash on Bitcoin, the leading cryptocurrency token. However, after experiencing a downward slide to the lows of around $35,000, BTC has staged a slight recovery in terms of its pricing. Bitcoin has gained over 7% in its weekly price change to move close to $38K. A day before today, BTC was being traded at over $38,500. However, a little retracement has placed its current price at around $37,950.
Source: TradingView
As Bitcoin tries to gain some stability, its market and trading volumes are also improving. The 24h trading volume of the coin is now over $17.16 billion. In the meanwhile, the market cap of more than 18.94 million BTC coins is over $717 billion. Nonetheless, the coin is eyeing a high-performing to complement its current price recovery.
ETH crosses $2,550 but lacks market dominance
Ethereum was amongst the tokens that had lost a major portion of its value in the market crash. The coin is considered among the top performing tokens of the market. However, the dip forced the coin to slide to almost $2,300, which is further below the halfway mark from its all-time high price. However, the coin has slightly recovered over the last few days. In the last day or so, it has gained 1.50%. It is valued at $2,580, at the time of writing.
Source: TradingView
This 5-day chart of ETH shows how the token has tried several breakouts in the ongoing week. However, with a price increase of over 5% in the last week, it might just be in a preferable position in the market. Ethereum’s market capitalization is over $307 billion, and its trading volume is at $11.13 billion. The price charts and graphs of Ethereum are quite similar to Bitcoin. However, ETH’s market dominance has shrunk to only 17.90%. Also, the ETH gas fee is about 155 Gwei.
Gaming and metaverse tokens make a move to the top
The overall crypto market has managed to grow in the last few days. However, the few outstanding performances of the last day came from gaming and metaverse tokens. Most of these gaming tokens managed to gain significantly. The top performer on the list was SandBox.
SAND accumulated over 11% to rise to the $4 mark. Over the last week, SAND was able to gain over 27%. These staggering figures show that the market has been kind to one of the most anticipated gaming tokens. The market cap of SAND has crossed $3.72 billion, and its trading volume is over a whopping $1.27 billion. The SANDUSD chart below shows that SAND has outperformed several tokens in the market with its peaking performance.
Source: TradingView
Apart from SAND, Decentraland’s MANA has also experienced a similar price action. The coin has gained over 7.10% to reach $2.48. MANA is another popular gaming token that received major attention from the investing lot when the market went berserk on gaming and metaverse tokens. MANA gained 18.26% in the last 7 days or so.
On the other hand, Axie Infinity (AXS) gained 9.34% to cross the $51 mark. AXS had lost majorly at the start of this week. However, the coin has managed to regain its lost value and it is now ending the week at almost a break-even point from the value of the last week.
In other altcoins, AVAX has gained nearly 6% to raise over $71. The coin has experienced an outstanding week with gains mounting up to 16%. Tron (TRX) has also gained 4.45%, reaching the price of $0.06. XTZ and ONE were also among the gainers in the market.
HNT loses after a positive week, ATOM and FTM follow
Helium (HNT) performed considerably well in the market over the last week. It started off the week at a high by reaching almost $30.50. However, the coin has consolidated in the last 24 hours. It has lost over 2.40% and is priced at $27.74 at the time of writing. With its significant growth from the start of the week, HNT is still 17% above its last week’s price.
Source: TradingView
The market cap of HNT is just below $3 billion, as it is placed at #44 on the list of top cryptocurrencies by market capitalization. The trading volume of the coin is $22.92 million. This pullback of HNT might just be a slight correction to push for further gains in the coming weeks.
Along with HNT, ATOM and FTM have also followed a similar pattern in the last 24 hours. ATOM has lost over 2% to drop below $29 in the market. The coin has, however, lost nearly 6.90% in the last week. It is among the handful of coins that are posting red candles on daily and weekly price charts.
FTM has also lost about 2% but it is at a break-even point in terms of weekly price changes. The coin is currently priced at $2.09. Apart from these coins, there are no other significant losers in the recovering crypto market.
Final Thoughts!
The crypto market has had its struggles in the last few weeks. Since the end of last year, several coins have experienced persistent bearish spells. However, market leaders have also lost a major portion of its value which was a concerning factor for the overall industry. Investors and traders were highly cautious of their decisions because of the uncertainty hovering in the market.
Nonetheless, the market has seemingly recovered from the worst of the dip. But with the lack of momentum, there are no outright major gainers in the market that could prove the end of the bear market. The next few days and the start of the next week will show a clearer image of the market.
[the_ad_placement id=”writers”]
