By Shelly Melancon (Switzerland)
The past few weeks have been very good for the cryptocurrency market with the market gaining a second wind on the back of Bitcoins sudden reversal from its previous downtrend. Prices across the market have seen significant gains with Bitcoin reaching a high of $48,000. However, over the past day, volatility in the market seems to have calmed somewhat with Bitcoin maintaining its price above $46,000 and other coins following suit after making significant short term gains. Bitcoin is currently trading at $46,803, a 1.26% drop from yesterday.
BTC/USD. Source- Tradingview
Other coins have also witnessed a similar performance to Bitcoin in the past 24 hours with most of the market being negative, a significant difference from previous days which have mostly seen positive gains across the market. The second-ranked coin, Ethereum, is currently trading at $3241 down 1.12% from yesterday while Binance owned coin BNB is up 0.58% and is trading at $428. Cardano, which had been making strong gains daily on the back of its announcement of smart contracts being added to the platform, is also seeing a similar performance to Bitcoin today and trades at $2.11 down 2.81% from yesterday. XRP has taken a bigger hit than most and at the time of writing is currently down more than 5% with a $1.22 price tag.
Also read:Solana Reaches New All-Time High
While most coins have over the past few days slowed down their previously meteoric rises, Solana seems to have gone the opposite way. Over the past week, it has almost doubled in price making gains of about 90% culminating in it touching a new all-time high of $75 a few hours ago. As of the time of writing, the coin has undergone a slight drop and is trading at $72.70 which is expected after such a sudden surge in price. The coin has been undergoing a surge since the weekend making very strong gains and breaking into the top ten coins before tearing its way through to its new all-time high.
SOL/USD. Source- Tradingview
Polkadot is another coin that is similarly not reflecting the state of the general crypto market. The coin is currently ranked in the ninth spot by market cap just above Solana and has gained over 6% in the past 24 hours. One unexpected contender is the coin, AUDIO. In 24 hours, it has made gains of over 90%, an astronomical increase and is sitting comfortably in the top 100 coins at number 76 according to Coinmarketcap.
Even with the short drop in prices across the board for most coins, the market is still above its recently achieved $2 trillion market cap although it is slightly down by 0.36% which reflects the general state of the market.
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