- Bitcoin lacks momentum but stays over the crucial $50K mark overnight.
- Ethereum surges past $4,380 after a 2.90% increase, and the Binance Coin crosses $600.
- Near Protocol records a whopping 25% gain, Axie Infinity, Uniswap, and Ripple, among other gainers.
- Bit Torrent shed over 11% after a recent bull run, Filecoin continues to bleed.
The cryptocurrency market has always maintained a swinging position in evaluating different coins and tokens. The sheer price fluctuation of various digital tokens shows the industry’s volatile nature. However, the crypto market is unique and attracts more and more potential investors to the industry. The profit potential of this form of market is exceptionally high. Thus, people are willing to join despite the risk element.
The market comprises thousands of tokens traded on hundreds of cryptocurrency exchanges worldwide. The overall market cap of the crypto sector has seen a major increase over the last year. At one point, total capitalization even crossed the $3 trillion mark and consolidated in the recent dip. In the last 24 hours, the overall market cap has gone up by over 1% to an inch closer to $2.40 trillion.
The crypto market continues to be affected by several external factors. All these elements influence the market, whether global economic policies or the regulation rulings against crypto, the increasing institutional interest, or the concerns over crypto’s sustainability.
BTC retests $50K in a highly potential market
Bitcoin is the flag-bearer of the cryptocurrency market, and its performance holds immense importance for the rest of the sector. Many coins tend to follow Bitcoin’s price trajectory and many investors eye the performance of Bitcoin to set market entry or exit points for themselves. Nonetheless, Bitcoin was hit by volatility as it crawled back to the $40K range but managed to gain enough to surge past the crucial level of $50K.
BTC is currently trading around the $49,700 mark. Over the last day, the Crypto King consolidated to around $48K but still managed to step up a bit and stay over $50,000. It is struggling to keep up after making an entry on December 9 with $50K. The leading crypto coin has lost around 12% over the last seven days. Its market cap has also shed some value and currently stands at $953 B.
The 24h trading volume of Bitcoin is at $28.4 B. Bitcoin has shown positive intent, but it is yet to form a clear and more decisive pattern. Therefore, the next few trading hours can be critical for the coin’s performance.
ETH gains as the altcoin market turns green
Ethereum is the second-largest cryptocurrency token and the leading altcoin. It has continued its tussle with Bitcoin, which has been healthy. After the recent dip, ETH has outperformed Bitcoin, its best performance in over three years against BTC.
At the time of writing, Ethereum is valued around $4,400, increasing nearly 3% over the last 24 hours. The market cap of ETH is over $526 B, and its trading volume has crossed $18.80 B. With the gradual and constant growth in recent trading hours, Ethereum is looking confident to accumulate more gains and challenge its all-time high soon.
The Binance Coin (BNB) also followed the same path as ETH. The popular coin gained around 6.30% to touch $610. The coin crashed over the last few days, but it has managed to cut down its 7-day negative price change to only 2.80% now. The coin has also made significant improvements in its market cap, which has now crossed $102 M. With over 166.80 million BNB coins in circulation, the token has a 24h trading volume of $2.34 B.
NEAR leads by making a 25% stride forward
Even though the altcoin market has posted some green candles over the last 24 hours, there has been one stand-out performance by the Near Protocol (NEAR). The coin made staggering gains of 25% to move past $9.50 as its 7-day price change is now a positive 13.70% as well. Over 571 million NEAR coins have made a strong case in the market as its market cap, and trading volume have also stayed on the positive side.
This strong price movement of NEAR will give a much-needed break and relief to its investors and holders. However, a few popular tokens like AXS and UNI followed the gainers’ list. After the major losses of the last few days, AXS found some relief with a 7.50% increase in value. The coin is now valued at over $113.60. On the other hand, UNI also accumulated 6.50% in its price, reaching $18.40 in valuation.
Ripple XRP and Terra LUNA were two other notable coins present in the gainers’ column, with both achieving over 6% over the last day. The former is now valued at over $0.86, and the latter stands at a little under $74. Most of these coins shed a major portion of their value in the last week’s dip. Thus, this increasing price can be a major relief for them in the longer run.
BTT and FIL cling to the market’s tail
Only a few coins posted red candles over the last 24 hours. Even though most of them stayed green, they were only recovering from the double-digit percentage losses of the last week. BitTorrentToken (BTT), a shitcoin (created without a clear or useful purpose), was on the top of the losing list. The coin remained unexpectedly bullish during the dip of the market. Thus, it has now consolidated by shedding 11% of its gains. BTT was still 17% higher than its price at the same time last week. BTT is now valued at around $0.00355.
On the other hand, Filecoin has continued with its bearish trend. It has further posted a 4.75% loss. This loss means that the coin has now lost almost 25% in the last seven days or so. The coin is now retesting the support of $40 but lacks momentum and the support of investors. The coin’s market cap is also down to $5.51 M, with its trading volume at $859 M. Other losers in the market included CRO, HNT, and BSV.
The overall cryptocurrency market seems to be recovering from the recent price analysis. Several altcoins are growing in value, market cap, and trading volumes. However, the party can be spoiled by the indecisive leader of the market, Bitcoin. It is yet to form a clear pattern and lacks momentum that could further decrease its value.
BTC has to hold a strong position that provides stability to the market. Only then, the investing sector will inject more funds into the industry. Ethereum, on the other hand, has proved to be a major force and could continue its upsurge in the coming days. This upsurge will help several other altcoins to grow and hold their positions.
In my viewfinder are opportunities that can change the world. The person who jumps in at the perfect time might save himself, and along with him, heal the world from divisiveness and wanton greediness. There needs to be a turning point, and crypto could be the key — when placed in the right hands.
We need cross-party agreement on the future of finance, not narrow partisanship. Stay tuned in the coming weeks for first steps!
— Senator Cynthia Lummis (@SenLummis) August 11, 2021