The crypto market has indicated some signs of little recovery with major crypto coins trading slightly higher on Monday.
The global cryptocurrency market cap is currently trading slightly higher at $1.31 trillion, an increase of 3% in the last 24 hours, according to CoinMarketCap. The global crypto market cap shrunk to $1.28 trillion yesterday, but for the last 24 hours, a few top cryptos have witnessed a mild recovery from recent lows.
The top 10 cryptocurrencies on CoinMarketCap have seen some changes amid the ongoing market crash. While Dogecoin has descended to number 10, Terra (Luna) has disappeared from the top crypto charts as major exchanges have halted the trading of Terra and the sister token.
Bitcoin has increased its price slightly to $29,517.75 as of 10.05 AM East African time. On Thursday last week, Bitcoin plunged as low as $25,401.29, marking the first time the flagship cryptocurrency sunk below the $26,000 level since December 26, 2020.
In the last 24 hours, Ethereum rose its value by 0.17% and is currently trading at $2004.67. Last week on Thursday, Ether, the second-biggest digital currency, fell as low as $1,704.05 per coin. It was the first time the token plunged below the $2,000 mark since June 2021.
Meanwhile, other major cryptocurrencies have also shown some signs of recovery. For the last 24 hours, Binance (BNB) rose its price by 0.16% to $293.10; Solana (SOL) increased its price by 5.24% to $51.64, while Cardano (ADA) also rose its value by 5.93% and now trades at $0.5607 per coin.
Popular meme cryptocurrency Dogecoin is currently ranked 10th in terms of market capitalization. Polkadot (DOT) and Avalanche (AVAX) are currently ranked 11th and 12th on CoinMarketCap.
Even as the market appears to stabilize after the market crash, extreme fear sentiment persists as indicated by the crypto Fear & Greed Index.
Cryptocurrencies were adversely affected last week amid the explosive failure of Terra stablecoin, rising inflation rates, geopolitical unrest, and deepening investor fears about the economic impact of aggressive central bank tightening.
However, market experts are suggesting that the crypto tokens are set to stabilize after last week’s brutal selloff, but warn investors to remain vigilant of upcoming key economic data.
Caroline Bowler, the CEO of Australia’s largest digital asset exchange BTC Markets, yesterday gave her thoughts regarding the current market status. She stated: “We’ve definitely seen a bit of a recovery in [Bitcoin’s] price. I would expect consolidation around the current price, meaning that there may be some movement up or down … of a few thousand … but I don’t anticipate large swings based on what we can see from the market.”
Jun Bei Liu, Tribeca Investment Partners portfolio manager, also agreed that crypto prices will recover. She noted: “It’ll have a bounce back. Last week it clearly got tested with its ability to peg to the US dollar … this week, people will feel better about buying risk and more volatile [assets].”
David Bassanese, the BetaShares chief economist, also expects some recovery because things have been deeply oversold in the short run. He elaborated: “As ownership of crypto has broadened to retail investors, the fear and greed, the passions that drive equity markets are driving crypto markets.”
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