Cryptocurrency Update: The global cryptocurrency market has been slowly steadying itself over the past few days, with several major crypto coins showing a surprising comeback after suffering losses for many consecutive sessions. On Saturday, January 29, the global crypto market was trading in green, in a surprise for investors as all major coins rose significantly over the day. The market was seemingly stabilising at this point, after declining constantly following the meeting of the US Federal Reserve, where it had indicated a hike in interest rates to take on inflation.
The cryptocurrency market cap was standing at $1.72 trillion, according to data from global crypto tracking website CoinMarketCap. This was up by 4.22 per cent over the last 24 hours. The The global crypto volume however fell significantly over the past day as more traders held their coins. The total volume of traded coins amounted to $39.37 billion over the course of the last day. This has fallen by 54.80 per cent over the last 24 hours, said data on the website.
Bitcoin prices saw a gain for four days in a row on the day, with its value nearing the $38,000 mark as per data. Last week, Bitcoin prices had hit a six-month low, falling to the $33,000 level earlier last week. At the time of writing this article, Bitcoin prices stood at $37,720.05 according to CoinMarketCap. This was up by 3.21 per cent over the last 24 hours and 5.59 per cent up over the last seven days as per data.
“Right now we’re observing a phenomenon called rotation where Bitcoin is changing hands from retail to institutional investors. Analysis of the ledger shows that over 34 per cent of retail investors have sold to large Bitcoin holders. We think the fall will continue and then we’ll see a gradual but volatile upmove to $75k, said Suman Banerjee, CIO of Hednova.
Ether prices, too, rose significantly on the day. The altcoin soared as much as 7.15 per cent in the last 24 hours to hit $2,553.70 on January 29, according to CoinMarketCap.
BEAGLE INU became the top gainer in the crypto pack on Thursday. Over the last 24 hours, the value of one coin increased by 745.72 per cent. One token was priced at $0.0000455, as per data from CoinMarketCap. Predictcoin and EVERY GAME were the other two gainers who occupied the next top spots on the day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
BEAGLE INU: $0.0000455 – up by 745.72 per cent
Predictcoin: $5.84 – up by 493.51 per cent
EVERY GAME: $0.01099 – up by 299.41 per cent
Metaverse DAO: $0.001692 – up by 216.16 per cent
Orakler: $0.154 – up by 132.93 per cent
MiniTesla: $0.000000000006718 – up by 99.13 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Farm Finance: $0.0002911 – down by 99.31 per cent
CrazyMiner: $0.000991 – down by 95.97 per cent
Mello Token: $0.0004002 – down by 92.86 per cent
BitBall: $0.001301 – down by 68.69 per cent
Bitcoin God: $2.42 – down by 61.53 per cent
Infinite Ecosystem: $145.95 – down by 59.66 per cent
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