The market cap of the top ten cryptocurrencies increased by more than 5 per cent on Sunday. And for the First time in 3 months, Bitcoin hit $47,500.
The Situation In The Market At Present
In the top ten crypto assets by market capitalization, the markets acquired a lot of bullish momentum on Sunday. After a brief hiatus last week, the Crypto market appeared to be picking up steam again.
Finally, Bitcoin has broken through the $44,500 price ceiling with a 5% gain; it also retook the $47,500 price level. All of BTC’s 2022 losses had been recouped, and it had broken a three-month price resistance in the process. The price of a single Bitcoin is currently hovering around the $47,000 mark. At the time of writing this piece, it’s trading at $47,000; that’s up 5 per cent in the last 24 hours and 14 per cent in the last week.
Ethereum, on the other hand, grew by more than 5% as it continues to surpass BTC. The “Merge” phase of the network’s shift from Proof-of-Work to Proof-of-Stake is thought to be the cause of this. In the last 24 hours, the asset’s price has risen by 5.23%, and in the last seven days, it has increased by 15%.
BTC and ETH aren’t the only ones who’ve gotten a break. Solana, Avalanche, and Polkadot have also witnessed strong gains. There was a 7.98 per cent increase in Solana’s value over the last 24 hours, trading at $108.93, and the stock is aiming for the $120 mark.
In recent weeks, Cardano has maintained its remarkable performance, rising 5.08 per cent in the last 24 hours and 32.99 per cent in the last week. While Polkadot (DOT) is currently placed 11th in terms of market capitalization, the stock has lately risen by 9.93% and by 20.78% over the past seven days. The total value of the crypto market has risen to $2.12 trillion as a result of an increase in trading volume of 68.06 per cent over the last 24 hours.
The year 2022 is projected to be a disaster by several Crypto experts. A lot of pressure has been put on crypto markets over the last three months. As a result of issues such as the Fed’s policies and uncertain crypto rules, investors are leery of risky assets, including crypto.
Digital assets have so far played an important role in assisting Ukraine’s military effort due to a rise in demand following the European crisis. You should also take into account the fact that Russia plans to accept Bitcoin as payment for its exports.
There has also been an increase in the development of assets like Ethereum (ETH), ADA, LUNA, and AVAX. I feel it’s crucial to point out that the early stages of the market are still surrounded by regulatory confusion.