The cryptocurrency market as a whole has begun to recover after a prolonged bearish trend which saw some cryptos hit 2-year lows. 7 out of the 10 top cryptos saw double-digit gains in the last 24 hours.
This is definitely good news for investors after the broader crypto market lost as much as 16% of overall capitalization yesterday.
Bitcoin (BTC), ether (ETH), and Terra’s LUNA were among the major assets where investors faced losses. Earlier in the week, bitcoin fell amid inflation concerns and contagion risks from the freefall of TerraUSD (UST).
The flagship crypto dropped to as low as $24,000 yesterday morning before a slight recovery overnight. It is trading at above $30,000, and has gained approximately 9% over the past 24 hours.
Ethereum gained around 9% during this time and traded for just over $2,000 as of the writing.
Cardano is the biggest gainer in the top 10, up 29% Its losses for the week are around 27%, which is similar to many of the major cryptos. With 27%, Polkadot was the leader outside the top 10.
The majority of top 100 cryptos registered double-digit gains. The notable standouts include ApeCoin, Decentraland, Maker, Maker, 38%, Maker, Helium, 35% and Fantom, with 43% each, Helium, 35%, Maker, 38%, Maker, 38%, Maker, 38%, Helium, 35%, Helium, 35%, Fantom, 43%, eCash, 48%, Gala, which increased its value by 58%.
STEPN’s GMT token led the way with an increase of 74%. The top 100 stablecoins experienced slight losses.
Today, UST is down 75%. LUNA was dropped from the top 100. Despite Terra suspending its blockchain, media sources claim that LUNA, UST, and FTX were still available to trade on Gate.io and a few other minor exchanges until late in the morning Asia time.
Sweet SOL, a hyper-deflationary token that offers passive income and multilayers, is the biggest winner of today. Today, SSOL’s value has increased by 2,707%.