What to expect from the crypto markets, Expert’s take.
After two days of bloodletting, cryptocurrency markets have turned green. According to CoinMarketCap data, the global market cap has increased by 1.78 percent in the last 24 hours to $1.26 trillion as of 7:30 a.m. IST.
Bitcoin is up 2.25 percent to $30,441, breaking beyond the $30,000 barrier. Ethereum also exhibited a minor rise, rising by 0.21 percent to $1,827.
Talking about the state of cryptocurrency market, Shivam Thakral, CEO of BuyUcoin told Business Today, “The world’s oldest cryptocurrency, Bitcoin, fell again after testing the $32k level. The overall crypto market cap is currently at $1.26 trillion and crypto volume is down by almost 24% to $72.40 billion.”
Speaking particularly about Bitoin, he said “Bitcoin dominance has seen a marginal increase and is currently at 46.16%. The investors had given the crypto market a ray of hope at the beginning of the week but most of the gains were washed away by the latest downward trend.”
When asked which cryptocurrency has performed well in these trying times, he said, “In the altcoin space, Cardano is the newsmaker of the day with an impressive 7-day surge of almost 24%.”
Finally, when asked what to expect from the markets in the coming times, he said, “The market is expected to remain choppy in the coming weeks as investors are in wait and watch mode.”
Tech view by Coinstore cryptocurrency exchange also had a positive outlook on ADA token of the Cardano blockchain. They said, “Cardano led the surge in the altcoins space as it surged by almost 20% in the past 7 days. Cardano is one of the few cryptocurrencies which has performed well in this bearish phase as it has emerged as the most cost-efficient network for crypto transactions”
Highlighting the reasons for the spike, they said, “The ADA founder tweeted about the Cardano network’s efficiency and resilience which may have sparked investors’ interest. The upgrade to Vasil hard fork this month has also added to the optimism around ADA and the upward trend in its prices is expected to continue for some time.”
