After the total market value plummeted below $1 trillion, a long cry from the previously recorded $3 trillion, the cryptocurrency markets are presently performing in ways that have not been witnessed in the preceding two months.
The current value of the global cryptocurrency market is $1.16 trillion.
Several currencies’ trends, particularly those during the last 24 hours, point to an upward tendency.
According to CoinMarketCap, the value of all cryptocurrencies increased by more than 6.63 percent in the last day. This raises it to $1.16 trillion, the highest level it has been in the prior two months.
As BTC exceeded $24,000 and traded as high as $24,660, an impressive 6.41 rise, before falling back to $24,460 as of press time, the market has also been mainly in the green throughout the last day. ETH, the second-largest cryptocurrency, also increased 12.72%.
The success of the Goereli testnet merging, the growing excitement for the next main merge, which is only one month away, and encouraging CPI statistics are all considered contributing factors to the rise in the price of ETH. ETH just surpassed $1900, but according to CoinMarketCap, it is presently trading at $1884.
Maintaining pegs as other cryptocurrencies experience growth
Both USDT Tether and USDC maintained their $1 pegs and both showed a 0.01 upward trend over the previous day.
While trading as high as $336, the BNB token from Binance, which gained 5.11 percent, is now trading at $331. The value of the Ripple coin, XRP, increased by 5.38 percent over the previous day.
The native SOL token for the Solana blockchain is up 11.69% and is now trading at $44.4. After increasing by 7.04 percent at its 24-hour high, the ADA token from the Cardano network has surpassed binance stable coin to become the seventh-most valuable crypto in the cryptocurrency market.
These patterns are quite positive and seem to be pointing for a bullish run. The crypto epidemic, which has caused the liquidation of numerous big enterprises, seems to still be going strong, therefore this trend may only be temporary for the cryptocurrency market.
