Ethereum, Solana and Polkadot Drive Crypto Prices Higher

As the crypto market shows, there is a 4% gain in the crypto market cap in only 24 hours after news of $2 trillion fall.

The crypto total market capitalization was in danger of failing and dropping to less than $2 trillion yesterday for the first time ever since the month of Sep last year.

The market has gained more than 4% in the previous 24 hours drove be Ethereuem ETH by 8% up Binance Coin and Polkadot have both surged by 11%, Solana by 8%, however, other alt coins have also gained like Bitcoin by 4%, Terra by 10%, XRP by 6% as well as Cardano by 7%. Last year on 2021, Ethereum went for $735 to $3,700 buy the coin was still 164 days of losses among 201 gain days.

Some analysts said that this is only a temporary blip and nothing more than this. Moreover, with Ethereum 33% off of a high of $4,878 it set 2 months ago.

The US markets have been unstable for quit a bit of time, read more [Markets are Sliding as BTC Slipped to $47K and ETH Nears $4K], as the Federal Reserve believes that the interest rates will increase by three times in order to reduce the country inflation. According to Kevin Kelly the co-founder of Delphi Digital it is a decline in the available money amount for spending. and wrote this:

“When liquidity is abundant and expanding, $BTC and crypto assets tend to outperform; when liquidity tightens, they struggle”.

Crypto and related investments are full of risk because of the volatility. According to a report from Kaiko the crypto asset data, the bond between BRC and US stock indexes is at the highest since July 2020.

Correspondingly, ETH has 0.72 coefficient with BTC over the past year.

Related Articles

Back to top button