Friday, October 7, 2022

After Weekend Decline Crypto Markets Sees Rise

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Cryptocurrencies are rising and there is some stability being seen. With more than $1.7 trillion in crypto is the market capitalization of the world. It has risen by 0.51 percent in the last 24 hours alone.

It appears that the crypto markets are getting back to normal. Bitcoin increased by 1.61 percent, and Ethereum has also shown an uptrend of a little bit over the past 24 hours, increasing by 0.70 percent. Bitcoin’s price is at $38,900 and that of Ethereum is around USD 2570 for a coin.

The status of the dollar as reserve currency of the world has been questioned recently due to the uncertainty of economic growth in Europe and a lack of growth projections for America. But, it appears to be performing well at present. Tether gained 0.02 percent, while Binance coin BNB has seen significant gains, with the increase being 4.57 percent.

It is worth noting that the USDC stabilized coin seen an impressive uptrend and is now up 0.09 percent. This shift towards stability in the cryptocurrency market is a sign of optimism for the long-term future.

The value of Terra LUNA has crashed, however, it’s holding at $81.52 with an 2.81 percent gain, after rebounding slightly from the Monday morning plungethat caused the price to fall by 9%.

XRP The cryptocurrency which powers Ripple’s payment system and currency exchange application, has shown a slight upward trend. The price of XRP increased by 1.95 percent over the past 24-hour period of trade.

The Cardano blockchain is frequently referred to as an Ethereum killer, and has showing only a minor 0.34 percent growth rate today.

The cost of Solana increased by 2.39 percent. Avalanche also saw an increase of 3.73 percentage increase.

Top Gainers And Losers Of The Crypto Markets

cryptocurrencies
Bitcoin is 2.75% up along with the crypto market in green | Source: BTC/USD chart on Tradingview.com

The market for cryptocurrencies saw dramatic shifts over the last week Elon Musk’s preferred crypto, Dogecoin, becoming the 11th largest in value. It has surpassed Terra USD and took its position in the top ten top cryptocurrency exchanges.

Today, the most notable winners were tokens like Kaizen Inu, which increased 552.75 percent, and the ZUM token, which saw an astounding 314 percent. Both experienced losses of over 75 percent on Monday, yet they managed to increase more than 100 times the amount lost yesterday. Other top performers are Magic Ethereum Money, with an increase of 100 percent. Metaverse PRO has added 100percent to its value.

Tokens such as the Fantasm SM, Spook Inu, Bastille De La Bouje as well as Meta Doctor all dropped by more than 75 percent.

Since last week’s donations to Ukraine have decreased however that doesn’t mean cryptocurrency donations are any less significant. Actually, they’ve been more frequent than they have ever been and have amounted to $59 million of cryptocurrency donated to Ukraine so far.

The conflict between Russia and Ukraine could be the first cryptocurrency war because Ukraine has amassed such a large amount in digital aid, and this is because of fears that Russia could use crypto to get around sanctions. Based on Chainlysis, Ukraine ranks fourth in the world when it comes to the adoption of crypto. Ukraine currently accepts contributions of Bitcoin Ethereum, or Dogecoin.

Source:
Featured image from Pixabay, chart from Tradingview.com ,
https://www.newsbtc.com

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